Proposes constitutional amendment to limit assessment of homestead real property, and allow exemption on up to $50,000 of home's value.

ACR 52 proposes a constitutional amendment to limit annual increases in the assessed value of primary residences in New Jersey for property tax purposes. It would cap annual increases at the lower of 3% of the prior year's value or the change in the Consumer Price Index (CPI). The amendment requires a full property tax exemption for the first $25,000 of a home's assessed value and an exemption from non-school district property taxes on the next $25,000. These changes would apply to homeowners using their property as a principal residence and require voter approval before implementation.