New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill ACR84

Introduced
2/7/22  

Caption

Proposes constitutional amendment to exempt $60,000 of assessment on primary residence owned by senior citizens from property taxation.

Impact

If approved, ACR84 would amend Article VIII, Section I of the New Jersey Constitution to implement this exemption, thus creating a legal framework that alters property tax assessments specifically for eligible seniors. The change in property tax structure seeks to provide immediate financial relief to senior homeowners, potentially reducing their overall housing expenses, which is particularly critical for those struggling with limited monetary resources in retirement.

Summary

Assembly Concurrent Resolution No. 84 (ACR84) proposes a constitutional amendment to exempt the first $60,000 of assessed value of the primary residence owned by senior citizens aged 65 years and older from property taxation in New Jersey. This measure is intended to alleviate the financial burden of property taxes on senior citizens, who often live on fixed incomes, by lowering their taxable property value and subsequently their tax bills. The resolution aims to make housing more affordable for this demographic.

Conclusion

Overall, ACR84 represents a strategic move to enhance the financial welfare of senior citizens in New Jersey by adjusting how property taxes are applied. If successful, it would reflect a legislative commitment to supporting the aging population, yet it also raises important discussions about the implications for tax equity and the potential burdens placed on other taxpayers.

Contention

The proposal may face contention surrounding equity in taxation, as critics might argue that this amendment advantages one group over others, potentially resulting in higher tax obligations for younger or less affluent homeowners. Additionally, there are concerns about the appropriateness of altering state taxation principles to accommodate a specific demographic, leading to debates over the broader implications for local governments and tax revenues.

Companion Bills

No companion bills found.

Previously Filed As

NJ ACR32

Proposes constitutional amendment to exempt $60,000 of assessment on primary residence owned by senior citizens from property taxation.

NJ ACR176

Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

NJ SCR40

Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

NJ ACR25

Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

NJ SCR28

Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

NJ ACR184

Proposes constitutional amendment to grant certain senior citizens property tax credit equal to 50 percent of property tax bill on primary residence.

NJ ACR34

Proposes constitutional amendment to grant certain senior citizens property tax credit equal to 50 percent of property tax bill on primary residence.

NJ ACR136

Proposes constitutional amendment to provide property tax exemption for primary residence owned and occupied by surviving spouse of first responder who dies in line of duty.

NJ SCR106

Proposes constitutional amendment to provide property tax exemption for primary residence owned and occupied by surviving spouse of first responder who dies in line of duty.

NJ ACR63

Proposes constitutional amendment to limit assessment of homestead real property.

Similar Bills

NJ A4887

Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

NJ S3457

Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

NJ S182

Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

NJ A1358

Increases gross income tax relief based on rent constituting property taxes for residential tenants and establishes refundable gross income tax credit in place of gross income tax deduction for residential tenants.

CA AB1243

Property taxation: exemptions.

NJ S51

Increases maximum gross income tax deduction for homestead property taxes paid to $25,000.

NJ S2343

Increases maximum gross income tax deduction for homestead property taxes paid to $25,000.

NJ S1678

Permits taxpayers to deduct the total amount of State property taxes paid on principal residence from gross income tax obligation.