S.950

Increases the income limit and amount of the property tax deduction for senior citizens and disabled persons in New Jersey.

This bill increases both the amount of the annual property tax deduction for senior citizens and disabled persons, and the annual income limit for eligibility to receive that deduction. The income limit will increase to $25,000, and the deduction amount will increase to $500, starting in 2015. However, these changes will only take effect after voters approve a constitutional amendment to revise the income limit and deduction amount as specified in the bill. Currently, the income limit is $10,000 and the deduction amount is $250.