STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by:
Assemblyman BRIAN BERGEN
District 26 (Morris and Passaic)
Co-Sponsored by:
Assemblywoman Matsikoudis
SYNOPSIS
Increases annual property tax deduction for senior citizens and disabled persons from $250 to $500.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act increasing the annual property tax deduction for senior citizens and disabled persons to $500 and amending P.L.1963, c.172.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.1963, c.172 (C.54:4-8.41) is amended to read as follows:
2. Every person, a citizen and resident of this State of the age of 65 or more years, or less than 65 years of age who is permanently and totally disabled, having an annual income not in excess of the limitations provided in this section and residing in a dwelling house owned by him which is a constituent part of his real property or residing in a dwelling house owned by him which is assessed as real property but which is situated on land owned by another or others, or residing as a tenant shareholder in a cooperative or mutual housing corporation, shall be entitled, annually, on proper claim being made therefor, to a deduction against the tax or taxes assessed against such real property, to an amount not exceeding the amount of said tax, the proportionate share of said tax attributable to his unit, or the sum provided in this section, whichever is the lesser, but no such deduction from taxes shall be in addition to any other deduction or exemption from taxes to which said person may be entitled, except a veteran's deduction provided under P.L.1963, c.171 (C.54:4-8.10 et seq.). A citizen and resident granted a deduction pursuant to this section may receive in addition any homestead rebate or credit provided by law.
For the purposes of this section, the annual income limitation shall be: $5,000.00 for any year prior to 1981; $8,000.00 for the year 1981; $9,000.00 for the year 1982; and $10,000.00 for year 1983 and each year thereafter.
The sum deducted pursuant to this section shall [not exceed] be: in any year prior to 1981, $160.00; in the year 1981, $200.00; in the year 1982, $225.00; [and] in the [year] years 1983 [and in each year thereafter] through 2022, $250.00; $300.00 in tax year 2023, $350.00 in tax year 2024, $400.00 in tax year 2025, $450.00 in tax year 2026, and $500.00 in tax year 2027 and in each tax year thereafter.
For the purposes of this act:
a. The income of a married person shall be deemed to include an amount equal to the income of the spouse during the applicable income year, except for such portion of that year as the two were living apart in a state of separation, whether under judicial decree or otherwise.
b. The requirement of ownership shall be satisfied by the holding of a beneficial interest in the dwelling house where legal title thereto is held by another who retains a security interest in the dwelling house.
(cf: P.L.1989, c.252, s.2)
2. This act shall take effect immediately but shall remain inoperative until the approval by the voters of the State of a constitutional amendment authorizing the increased property tax deduction for senior citizens and disabled persons provided for herein.
STATEMENT
This bill would increase the amount of the annual property tax deduction provided to eligible senior citizens and disabled persons from the current $250 to $300.00 in tax year 2023, $350.00 in tax year 2024, $400.00 in tax year 2025, $450.00 in tax year 2026, and $500.00 in tax year 2027 and in each tax year thereafter. The amount of this annual property tax deduction has not been increased since 1983.
The provisions of the bill will remain inoperative until the approval by the voters of the State of a constitutional amendment authorizing this increased property tax deduction for senior citizens and disabled persons.