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 raises the annual income limit for New Jersey seniors (65+) and disabled residents to qualify for a $250 property tax deduction from $10,000 to $20,000 starting in 2023. For future years, the income limit will automatically adjust based on the Consumer Price Index (CPI) for the New York-NJ area, rounded to the nearest $100, to keep pace with cost-of-living changes. It directly affects eligible homeowners and tenant-shareholders in cooperative housing who meet the new income threshold. The bill takes effect immediately but requires voter approval of a constitutional amendment before the new limits can be implemented.