New Jersey Assembly Bill ACR101

New Jersey 2022-2023 Regular Session

• Introduced: 2/14/22
• Refer: 2/14/22

Caption

Proposes constitutional amendment granting property assessment reductions for certain improvements to dwelling houses to provide living quarters for senior citizen relatives.

Impact

The proposed amendment would directly impact property tax laws in New Jersey by instituting a mechanism for property tax reduction based on specific improvements intended for senior relatives. The bill provides two criteria for determining the reduction: the increase in assessed value due to the construction, or a cap of 20% of the adjusted total assessed value of the property. These provisions are designed to alleviate the financial burden on families undertaking the expense of improving their homes to support aging relatives.

Summary

ACR101 is a proposed constitutional amendment introduced in New Jersey that seeks to provide property assessment reductions for homeowners who make improvements to their dwelling houses to create living quarters for elderly relatives. Specifically, the legislation stipulates that if a property owner constructs or reconstructs their home to accommodate natural or adoptive parents, grandparents, aunts, or uncles who are 62 years or older, they shall be entitled to a reduction in their property's assessed value. This initiative aims to encourage families to take in senior relatives, thereby promoting familial support and care for the elderly.

Contention

While the bill is designed to promote family unity and support for seniors, potential points of contention may arise regarding the practical implications of its implementation. Critics might argue that defining 'improvements' and assessing property values could lead to complexity and disputes over eligibility and the extent of reductions. Furthermore, questions regarding the fiscal impact on local governments that rely on property tax revenue could be raised, as these tax reductions might result in lower funding for public services if adopted widely. There may also be concerns about ensuring that such incentives do not disproportionately benefit wealthier homeowners while failing to address the needs of lower-income families.