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ACR127
ASSEMBLY CONCURRENT RESOLUTION No. 127
STATE OF NEW JERSEY
222nd LEGISLATURE
�
INTRODUCED FEBRUARY 24, 2026
Sponsored by:
Assemblyman� ALEX SAUICKIE
District 12 (Burlington, Middlesex, Monmouth and Ocean)
Co-Sponsored by:
Assemblywoman Fantasia
SYNOPSIS
���� Proposes constitutional amendment to limit annual
increase in assessment of real property.
CURRENT VERSION OF TEXT
���� As introduced.
��
A
Concurrent Resolution
proposing to amend
Article VIII, Section I, paragraph 1 of the Constitution of the State of New
Jersey.
����
Be It
Resolved
by the General Assembly of the State
of New Jersey (the Senate concurring):
���� 1.��� The following proposed
amendment to the Constitution of the State of New Jersey is hereby agreed to:
PROPOSED
AMENDMENT
���� Amend
Article VIII, Section I, paragraph 1 to read as follows:
���� l. (a) Property shall be
assessed for taxation under general laws and by uniform rules. All real
property assessed and taxed locally or by the State for allotment and payment
to taxing districts shall be assessed according to the same standard of value, except
as otherwise permitted
[
herein
]
in this
paragraph
, and such real property shall be taxed at the general tax rate of
the taxing district in which the property is situated, for the use of such
taxing district.
���� (b) The Legislature shall
enact laws to provide that the value of land, not less than 5 acres in area,
which is determined by the assessing officer of the taxing jurisdiction to be
actively devoted to agricultural or horticultural use and to have been so
devoted for at least the 2 successive years immediately preceding the tax year
in issue, shall, for local tax purposes, on application of the owner, be that
value which such land has for agricultural or horticultural use.
���� Any such laws shall provide
that when land which has been valued in this manner for local tax purposes is
applied to a use other than for agriculture or horticulture it shall be subject
to additional taxes in an amount equal to the difference, if any, between the
taxes paid or payable on the basis of the valuation and the assessment
authorized hereunder and the taxes that would have been paid or payable had the
land been valued and assessed as otherwise provided in this Constitution, in
the current year and in such of the tax years immediately preceding, not in
excess of 2 such years in which the land was valued as herein authorized.
���� Such laws shall also provide
for the equalization of assessments of land valued in accordance with the
provisions hereof and for the assessment and collection of any additional taxes
levied thereupon and shall include such other provisions as shall be necessary
to carry out the provisions of this amendment.
����
(c)�� The Legislature shall
enact laws to provide a limitation on the annual increases to the assessed
value of real property, including, but not limited to, land that has been
assessed pursuant to subsection (b) of this paragraph.� Any such laws shall
require that real property be assessed as of the October 1 next following
approval by the voters of this proposed amendment for use in the next
succeeding tax year.� Any such laws shall also limit the amount by which the
assessed value of real property may be increased for each succeeding tax year
to no more than two percent of the assessed value of the property from the
prior year, except that real property shall be assessed, for use in the next
succeeding tax year, as of October 1 of the year following a change of
ownership, as defined by the Legislature, or in the case of land that has been
assessed pursuant to subsection (b) of this paragraph, following a change in
use of the land for a purposes other than for agriculture or horticulture use.�
Thereafter, any annual increase in the assessed value of the real property
shall be subject to the limitations required by this subparagraph.
(cf: Article VIII, Section I,
paragraph 1, amended effective December 5, 1963)
���� 2. When this proposed
amendment to the Constitution is finally agreed to pursuant to Article IX,
paragraph 1 of the Constitution, it shall be submitted to the people at the
next general election occurring more than three months after the final
agreement and shall be published at least once in at least one newspaper of
each county designated by the President of the Senate, the Speaker of the
General Assembly and the Secretary of State, not less than three months prior
to the general election.
���� 3. This proposed amendment to
the Constitution shall be submitted to the people at that election in the
following manner and form:
���� There shall be printed on each
official ballot to be used at the general election, the following:
���� a. In every municipality in
which voting machines are not used, a legend which shall immediately precede
the question as follows:
���� If you favor the proposition
printed below make a cross (X), plus (+), or check (
a
) in the square opposite the word "Yes." If you are
opposed thereto make a cross (X), plus (+) or check (
a
) in the square opposite the
word "No."
���� b. In
every municipality the following question:
CONSTITUTIONAL
AMENDMENT TO LIMIT ANNUAL PROPERTY ASSESSMENT INCREASES
YES
���� Do you approve amending the
State Constitution to limit real property assessment increases each year?�
The proposed amendment would require the Legislature to enact laws to provide
the assessment limitation.�
���� The laws would require real
property to be assessed as of the October 1 next following the approval of
this amendment by the voters.� The laws would then limit annual increases in
the assessed value of real property subject to the limitation to no more than
two percent of its assessed value from the prior year.� This limitation would
not apply after a change of ownership of any property or a change in use of
farmland property.� The laws would require real property to be assessed as of
October 1 of the year following a change of ownership or in use of farmland
property.
INTERPRETIVE
STATEMENT
NO
���� This proposed amendment
limits real property assessment increases each year.� Real property is
assessed by municipalities each year to determine its value.� The assessed
value of each property is then used to determine the amount of property taxes
owed by the owner of the property for the tax year.�
���� The amendment would require
the Legislature to enact laws to provide the assessment limitation.� The laws
would require real property to be assessed as of the October 1 next following
the approval of this amendment by the voters.� Afterwards, the laws would
limit annual increases in the assessed value of real property to no more than
two percent of the assessed value from the prior year.�
���� However, the laws would
require the property to be assessed as of October 1 of the year next
following a change of ownership of any property or a change in use of
farmland property.� Thereafter, the assessed value of the property could not
increase by more than two percent of the assessed value from the prior year.�
The laws would be required to define what constitutes a change of ownership.
STATEMENT
���� This concurrent resolution
proposes an amendment to the State Constitution to require the Legislature to
enact laws to limit annual increases to the assessed value of real property for
property tax purposes.�
���� The laws would first require
real property to be assessed as of the October 1 next following the date in
which the amendment is approved by voters.� Afterwards, the laws would limit
annual assessment increases to no more than two percent of the real property�s
assessed value from the prior year.�
���� However, after a change of
ownership for any property or a change in use of farmland property, the laws
would also require that the property be assessed as of the October 1 of the
year next following the ownership change.� Thereafter, the property would be
subject to the two percent limitation on annual assessment increases.� The
assessment limitation would apply until the next time the property changes
ownership.