Increases annual property tax deduction for senior citizens and disabled persons from $250 to $500.

This bill would increase New Jersey's annual property tax deduction for eligible seniors (65+) and disabled persons from $250 to $500, effective starting in 2027. It directly affects low-income residents meeting income limits ($10,000 annually) who own or reside in qualifying property. The deduction amount would gradually rise from $300 (2023) to $500 (2027 and beyond), but the bill requires voter approval of a constitutional amendment before taking effect. The change applies to property taxes assessed against the resident's dwelling, not additional benefits like homestead rebates.