This bill proposes to increase the annual property tax deduction for senior citizens and disabled persons from the current amount of $250 to a tiered structure that will reach $500 by the tax year 2031. Specifically, the deduction will be set at $300 for tax year 2027, $350 for 2028, $400 for 2029, and $450 for 2030. The bill amends existing law to reflect these changes, with the previous maximum deduction amount being deleted and replaced with the new figures for each specified year.

Additionally, the bill stipulates that these changes will not take effect until a constitutional amendment authorizing the increased property tax deduction is approved by the voters of New Jersey. This amendment is necessary to implement the proposed increases, as the current deduction amount has remained unchanged since 1983.

Statutes affected:
Introduced: 54:4-8.41