Increases amount of, and income limit for eligibility to receive, senior citizens' and disabled persons' property tax deduction.

This bill would increase New Jersey's property tax deduction for seniors and disabled residents, raising the annual income limit from $10,000 to $25,000 and the deduction amount from $250 to $500 per year. It directly affects eligible residents aged 65+ or permanently disabled individuals with income under $25,000 who own or rent their homes. The changes, which have not updated since 1983, would take effect only after voters approve a constitutional amendment. The bill amends existing law (N.J.S.A. 54:4-8.41) to reflect these new limits.