New JerseyTowns could exempt more home improvement value from property tax
If enacted, towns offering this tax break would use higher limits when excluding improvements to single-unit homes over 20 years old from property tax assessments.
What it does
If enacted, towns offering this break could exclude the first $15,000, $45,000, or $75,000 of improvement value for single-unit homes over 20 years old from tax assessments for five years.
Argument forOwners who improve qualifying older homes could pay less property tax if their town uses a higher limit, because less improvement value would count.
Argument againstA town using a higher limit might collect less property tax from qualifying improved homes during the five-year break.
More detail
A town offering the exemption would choose one of three higher dollar limits to leave out of a home's property tax assessment. It covers improvements that directly affect a single dwelling unit in a home more than 20 years old. Improvements to multiple-dwelling units are excluded. The town must offer the exemption by ordinance and choose $15,000, $45,000, or $75,000 as its limit. The higher limits would apply to exemptions granted beginning January 1 of the first full tax year that starts after enactment.
Where do you stand?
Choose your position
Tell your reps
Take a position to see your representatives and ways to contact them.
Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 14Introduced, Referred to Assembly State and Local Government CommitteeIntroduced
HousingTaxes & Budget