New Jersey A3555 increases income limits for seniors and disabled citizens to qualify for a $250 property tax deduction and adjusts future limits.
New Jersey A3555 increases the annual income limit for senior and disabled citizens to qualify for a $250 property tax deduction. The bill raises the income limit from $10,000 to $20,000, reflecting inflation from 1983 to 2013. Future income limits will adjust annually based on the Consumer Price Index to account for changes in the cost of living. The bill awaits voter approval of a constitutional amendment before taking effect.
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