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

This bill (S 1534) would increase New Jersey's annual property tax deduction for eligible senior citizens (65+) and permanently disabled residents from $250 to $500 per year. It directly affects low-income homeowners or tenant shareholders aged 65+ or disabled with annual income under $10,000 who own or reside in their primary home. The deduction amount would rise incrementally: $300 in 2023, $350 in 2024, $400 in 2025, $450 in 2026, and $500 starting in 2027. The change requires voter approval of a constitutional amendment before taking effect, as specified in the bill.