Proposes constitutional amendment to limit annual increase in assessment of real property.

ACR 164 proposes a constitutional amendment requiring New Jersey to limit annual increases in the value used to calculate property taxes to no more than 2% of the prior year's value for most real property. This would apply to all homeowners and businesses, with exceptions for properties that change ownership or for farmland switching from agricultural to non-agricultural use, which would trigger a reassessment. After such an exception event, the property would be reassessed as of October 1 of the following year, and the 2% limit would apply to future increases. The amendment would require the legislature to pass implementing laws, but does not take effect until approved by voters.