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

This bill increases New Jersey's senior citizens' and disabled persons' property tax deduction by raising the annual income limit for eligibility from $10,000 to $25,000 and increasing the maximum annual deduction amount from $250 to $500. It directly affects qualifying residents aged 65+ or permanently disabled with household income under $25,000 who own or occupy qualifying housing. The changes would take effect only after voters approve a constitutional amendment revising these thresholds, as specified in the bill. The current limits (set in 1983) have not been updated since 1983.