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

ACR 127 proposes a constitutional amendment to limit annual increases in the assessed value of real property to no more than 2% of the previous year's value. This would apply to all New Jersey property owners, with exceptions for properties changing ownership or farmland switching from agricultural use to non-agricultural purposes. The amendment requires the Legislature to pass implementing laws, setting the first assessment at October 1 following voter approval, with annual increases thereafter capped at 2% for most properties. If approved by voters, this would change how property taxes are calculated for most homeowners and landowners.