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 these deductions are applicable through tax year 2023, after which the amount will be raised to $500 starting in tax year 2024. The bill also includes provisions for residents of continuing care retirement communities, ensuring they receive the deduction proportional 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. The proposed changes aim to provide greater financial relief to eligible individuals, reflecting a commitment to support senior citizens, disabled persons, and veterans in managing their property tax obligations.

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