Increases annual income limitation for senior and disabled citizens' eligibility for $250 property tax deduction and bases future annual income limitations on annual CPI changes.

This New Jersey bill increases the annual income limit for seniors (65+) and disabled residents to qualify for a $250 property tax deduction. It raises the limit from $10,000 to $20,000 for 2014 and onward, with future limits automatically adjusted each year based on the Consumer Price Index (CPI) to account for inflation. The deduction amount itself remains fixed at $250 annually, and the bill requires voter approval of a constitutional amendment before taking effect. This change directly affects eligible homeowners aged 65+ or disabled residents with incomes up to the new adjusted limit.