Increases annual income limitation for senior and disabled citizens' eligibility for $250 property tax deduction and bases future annual income limitations on annual CPI changes.

This bill increases the annual income limit for New Jersey seniors (65+) and disabled residents to qualify for a $250 property tax deduction, raising it from $10,000 to $20,000 starting in 2014. Future income limits will automatically adjust each year based on the Consumer Price Index (CPI) to account for inflation, rounded to the nearest $100. The $250 deduction amount itself remains unchanged. The bill requires voter approval of a constitutional amendment before it can take effect, as it modifies an existing tax provision.