Bill > ACR92

This concurrent resolution proposes a constitutional amendment to increase the annual income limitation for a property tax deduction available to senior citizens and disabled individuals in New Jersey. Currently, to qualify for the deduction, a senior citizen must be 65 years or older and have an annual income not exceeding $10,000, while permanently and totally disabled individuals are exempt from the age requirement but must meet the same income limit. The resolution seeks to raise this income threshold from $10,000 to $15,000, with the change taking effect in 2023. This proposed amendment is significant because the income limit has remained unchanged since 1983, when it was increased from $9,000 to $10,000. If approved, the constitutional amendment would be submitted to voters at the next general election, allowing citizens to decide whether to expand the property tax relief for seniors and disabled residents. The proposed change aims to provide more financial support to these vulnerable populations by recognizing the impact of inflation and increased living costs since the last income limit adjustment.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/ACR92