New Jersey S521 raises the income limit and amount of property tax deduction for senior citizens and disabled persons.
New Jersey S521 proposes to increase the income limit for eligibility to receive the senior citizens' and disabled persons' property tax deduction from $10,000 to $25,000. It also raises the amount of the deduction from $250 to $500 annually. These changes would take effect 30 days after voters approve a constitutional amendment to revise the income limit and deduction amount. The bill aims to provide more financial relief to eligible seniors and disabled residents by adjusting the property tax deduction to reflect current economic conditions.
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