Allows certain New Jersey seniors to defer property tax payments.

The Senior Citizens Property Tax Deferral Act allows New Jersey seniors aged 65 and older with an annual household income under $50,000 to defer property tax payments. The deferral applies to residences valued under $500,000 and not subject to a reverse mortgage. Seniors must file an annual application by April 1 for the following tax year. The deferral amount cannot exceed 110% of the previous year's property taxes, adjusted for rebates, credits, deductions, or exemptions. The deferral will not exceed 75% of the senior's equity in the residence.

Allows certain New Jersey seniors to defer property tax payments.

The Senior Citizens Property Tax Deferral Act allows New Jersey seniors aged 65 and older with an annual household income under $50,000 to defer property tax payments. The deferral applies to residences valued under $500,000 and not subject to a reverse mortgage. Seniors must file an annual application by April 1 for the following tax year. The deferral amount cannot exceed 110% of the previous year's property taxes, adjusted for rebates, credits, deductions, or exemptions. The deferral will not exceed 75% of the senior's equity in the residence.