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

This bill increases New Jersey's annual property tax deduction for eligible seniors (65+), persons with disabilities, and veterans from $250 to $500. It directly affects qualifying residents who own or occupy their primary residence, allowing them to reduce their property tax bill by the new higher amount each year. The deduction would take effect starting in 2024, but only after voters approve a constitutional amendment to formalize the change. The bill amends existing laws (P.L.1963, c.171 and c.172) to update the deduction amounts and includes specific provisions for veterans living in continuing care retirement communities.