This bill proposes to increase the annual property tax deduction for senior citizens and disabled persons from the current amount of $250 to a tiered structure that will reach $500 by the tax year 2027. Specifically, the deduction will be set at $300 for the tax year 2023, $350 for 2024, $400 for 2025, $450 for 2026, and finally $500 for 2027 and subsequent years. The bill also updates the previous deduction amounts for the years leading up to 2023, which had not been adjusted since 1983.

Additionally, the bill stipulates that the increased property tax deduction will not take effect until a constitutional amendment authorizing it is approved by the voters of New Jersey. This ensures that the proposed changes are contingent upon public support, reflecting a democratic approach to modifying tax benefits for these groups.

Statutes affected:
Introduced: 54:4-8.41