This bill proposes to increase the annual property tax deductions for senior citizens, persons with disabilities, and veterans from $250 to $500. The amendments to current law specify that the deduction amount will remain at $250 through tax year 2023, and starting in tax year 2024, the deduction will increase to $500. Additionally, the bill 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 upon passage; however, it will remain inoperative until the voters of New Jersey approve amendments to the State Constitution that authorize this increase in property tax deductions. This legislative change aims to provide greater financial relief to eligible residents, reflecting a commitment to support senior citizens, individuals with disabilities, and veterans in managing their property tax obligations.

Statutes affected:
Introduced: 54:4-8.11, 54:4-8.41