Bill > ACR93

This joint resolution proposes a constitutional amendment to increase property tax deductions for senior citizens, persons with disabilities, and veterans in New Jersey from $250 to $500 per year. The amendment would apply to veterans who have been honorably discharged from active military service, senior citizens aged 65 or older, and individuals with permanent and total disabilities as defined by the Federal Social Security Act. The deduction has not been meaningfully updated since 2003 for veterans and 1983 for seniors and disabled persons. Eligibility for the deduction remains subject to existing income restrictions, with a current annual income limit of $10,000, and the deduction would also extend to surviving spouses of eligible individuals. The proposed amendment would require voter approval through a general election ballot, where voters will be asked to decide whether to increase the property tax deductions to $500. If approved, the new $500 deduction would take effect in the 2024 tax year, providing financial relief to these specified groups of New Jersey residents.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/ACR93