Increases amount of rental payments defined as rent constituting property taxes for purposes of deduction from gross income for property tax payments; increases property tax credit option for certain individuals.*

This bill increases the portion of rental payments that New Jersey renters can count toward property tax deductions from 18% to 30% of rent paid for a unit used as their primary residence. It also raises the maximum property tax credit amount from $50 to $250 for eligible seniors (65+), blind, or disabled taxpayers who pay property taxes or qualifying rent. The change applies to residential rental properties, including manufactured homes in mobile home parks, and affects renters who use their housing as their principal residence. The bill amends existing tax code provisions to adjust these specific deduction and credit thresholds.