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

This bill (SCR 74) proposes a constitutional amendment in New Jersey that would require property tax assessors to reduce the assessed value of a home when owners add living space specifically for qualifying senior relatives. It directly affects homeowners who build or reconstruct additions to house senior relatives (parents, grandparents, aunts, or uncles aged 62+), provided at least one such relative resides there. The tax reduction equals the cost increase from the addition or 20% of the property’s total assessed value after the addition - whichever is smaller - and lasts until the last qualifying senior moves out or passes away. This amendment must be approved by voters before taking effect.