Increase statutory property tax exemption amounts for improvements to single dwelling units under "Five-Year Exemption and Abatement Law."

This bill triples the maximum property tax exemption amounts for improvements to single-family homes over 20 years old under New Jersey's "Five-Year Exemption and Abatement Law." It increases statutory limits from $5,000/$15,000/$25,000 to $15,000/$45,000/$75,000 for the value of improvements, allowing municipalities to set higher exemption tiers. The law specifically applies to single dwelling units (not multi-unit properties), meaning homeowners making qualifying upgrades to older single-family homes would see reduced property tax assessments for up to five years. The change takes effect for tax years beginning January 1 after enactment.