New Jersey S1534 increases the annual property tax deduction for senior citizens and disabled persons from $250 to $500.

New Jersey S1534 proposes to increase the annual property tax deduction for eligible senior citizens and disabled persons. The deduction would rise from the current $250 to $300 in tax year 2023, $350 in tax year 2024, $400 in tax year 2025, $450 in tax year 2026, and $500 in tax year 2027 and each year thereafter. This bill also includes provisions for income limitations and the conditions under which the deduction applies. The changes will only take effect if approved by voters through a constitutional amendment.

New Jersey S1534 increases the annual property tax deduction for senior citizens and disabled persons from $250 to $500.

New Jersey S1534 proposes to increase the annual property tax deduction for eligible senior citizens and disabled persons. The deduction would rise from the current $250 to $300 in tax year 2023, $350 in tax year 2024, $400 in tax year 2025, $450 in tax year 2026, and $500 in tax year 2027 and each year thereafter. This bill also includes provisions for income limitations and the conditions under which the deduction applies. The changes will only take effect if approved by voters through a constitutional amendment.