This bill proposes an amendment to the current law regarding the property tax deduction for senior and disabled citizens in New Jersey. Specifically, it seeks to increase the annual income limitation for eligibility from $10,000 to $15,000, effective for the year 2023 and each year thereafter. The bill outlines the income thresholds for previous years, which include $5,000 for years prior to 1981, $8,000 for 1981, $9,000 for 1982, and $10,000 for the years 1983 through 2022. Additionally, the bill maintains the existing property tax deduction amount of $250 for eligible individuals.

The implementation of this increase in the income limitation is contingent upon the approval of a constitutional amendment by voters. The bill emphasizes that the property tax deduction is available to citizens aged 65 and older or those under 65 who are permanently and totally disabled, provided they meet the income criteria and reside in qualifying properties. The proposed changes aim to enhance financial support for senior and disabled residents by allowing more individuals to benefit from the property tax deduction.

Statutes affected:
Introduced: 54:4-8.41