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 amends existing law to reflect these changes, with the previous deduction limits being deleted and replaced with the new amounts.

Importantly, the implementation of this increased deduction is contingent upon the approval of a constitutional amendment by the voters of New Jersey. Until such approval is granted, the provisions of the bill will remain inoperative. This change marks the first increase in the property tax deduction for eligible individuals since 1983, aiming to provide greater financial relief to senior citizens and disabled persons in the state.

Statutes affected:
Introduced: 54:4-8.41