This bill proposes to increase the annual property tax deductions for senior citizens, persons with disabilities, and veterans from $250 to $500. The current law specifies that the deduction amount is $250 through tax year 2023, and the bill amends this to establish that beginning in tax year 2024, the deduction will be $500. Additionally, it includes provisions for residents of continuing care retirement communities, ensuring they receive the deduction proportionate to the taxes assessed against their unit.

The bill will take effect immediately but will remain inoperative until the voters of New Jersey approve amendments to the State Constitution that authorize this increase in property tax deductions. The proposed changes aim to provide greater financial relief to eligible individuals, reflecting a commitment to support senior citizens, persons with disabilities, and veterans in managing their property tax obligations.

Statutes affected:
Introduced: 54:4-8.11, 54:4-8.40