New Jersey Homestead Real Property Limited Assessment Amendment, ACR 88 (2014)

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A New Jersey Homestead Real Property Limited Assessment Amendment, ACR 88 did not make the November 4, 2014 ballot in New Jersey as a legislatively-referred constitutional amendment. The measure would have required the legislature "to place a limit on annual assessment increases for homestead real property." Homestead real property describes the principal residence of the owners of a piece of property property. Under ACR 88, it would have been assessed at its market value as of the October 1 following the approval of this amendment and, after that, reassessed annually. The annual increase in assessment would have been limited to 3 percent or the Consumer Price Index rate, whichever was lower. When homestead property was sold, it would have been assessed at its market value as of October 1 of year following the change of ownership, and the process would have started over again.[1]

This measure was primarily sponsored by Assemblyman Louis Greenwald (D-6) and Assemblyman Vincent Prieto (D-32) in the New Jersey Legislature, where it was known as Assembly Concurrent Resolution 88. It would have amended Article VIII, Section I of the New Jersey Constitution.[1]

Text of measure

If the measure had been placed on the ballot in its introduced form, it would have appeared as follows:[1]

NJ2014 ACR 88 as introduced.JPG[2]

Support

Assemblyman Louis Greenwald (D-6) and Assemblyman Vincent Prieto (D-32) were the primary sponsors of ACR 88 in the Assembly.[1]

Path to the ballot

See also: Amending the New Jersey Constitution

In New Jersey, proposed constitutional amendments have two ways of achieving ballot access. The New Jersey Legislature can either qualify it with supermajority approval of 60 percent in one legislative session or with simple majorities in two successive sessions.

ACR 88 was introduced on January 16, 2014, and referred to the Housing and Community Development Committee.[3]

See also

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External links

References

  1. 1.0 1.1 1.2 1.3 216th New Jersey Legislature, "Assembly Concurrent Resolution 88," accessed July 2, 2014
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
  3. Open States, "New Jersey ACR 88, 2014-2015 Regular Session," accessed July 2, 2014

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