September 2025

HOMESTEAD SHEILDS... from page 32.

be required.” The bill lets an owner exempt the greater of $300,000 or last year’s county‑median sale price, capped at $600,000. If the owner is sixty (60) or older, or permanently dis abled, the median number doubles. Those dollar limits will climb automat ically every three (3) years with the regional consumer-price index. The bill goes further. It raises the personal-property exemption from $1,000 to $15,000, making many household levies infeasible. It further shields the first $10,000 ($15,000 if the account is joint) in any bank or similar deposit account from gar “...it would allow a homeowner to exempt a large chunk of their property from being taken for their debt.” nishment (those dollar figures, like the homestead amounts, will rise with inflation on the same three (3)-year CPI schedule). It also lets debtors stack the full set of federal bankruptcy exemptions on top of the new state protections. Put another way, the bill raises the homestead exemption in New Jersey. Essentially, it would allow a homeowner to exempt a large chunk of their property from being taken for their debt. What Does this Bill Mean

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for Common Interest Communities (CICs)?

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For common interest communities, or CICs, the consequences could be dras

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SEPTEMBER 2025