Bill
Bill > A2734
NJ A2734
NJ A2734Increases annual property tax deduction for senior citizens and disabled persons from $250 to $500.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would increase the amount of the annual property tax deduction provided to eligible senior citizens and disabled persons from the current $250 to $300.00 in tax year 2023, $350.00 in tax year 2024, $400.00 in tax year 2025, $450.00 in tax year 2026, and $500.00 in tax year 2027 and in each tax year thereafter. The amount of this annual property tax deduction has not been increased since 1983. The provisions of the bill will remain inoperative until the approval by the voters of the State of a constitutional amendment authorizing this increased property tax deduction for senior citizens and disabled persons.
AI Summary
This bill would gradually increase the annual property tax deduction provided to eligible senior citizens and disabled persons in New Jersey. The deduction amount would rise from the current $250 to $500 over the next five years, with increases to $300, $350, $400, and $450 in the intervening years. The last time this deduction was increased was in 1983. The bill's provisions will not take effect until New Jersey voters approve a constitutional amendment authorizing the higher deduction.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A2734 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2734_I1.HTM |
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