Increases amounts of property tax deductions for senior citizens and persons with disabilities, and veterans, from $250 to $500.

This bill (A2871) increases the annual property tax deduction for senior citizens (65+), persons with disabilities, and veterans in New Jersey from $250 to $500. It directly affects eligible homeowners in these categories by reducing their taxable property tax burden by an additional $250 per year. The change would take effect starting in 2024, but the bill requires voter approval of a constitutional amendment before implementation. The deduction amount remains capped at the actual tax bill amount if it falls below $500.