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 bill updates New Jersey's property tax deduction program for seniors and disabled residents. It increases the annual income limit for eligibility from $10,000 to $20,000 for 2023, and adjusts this limit each year thereafter based on changes in the Consumer Price Index (CPI) for cost-of-living, rounded to the nearest $100. The deduction amount itself remains fixed at $250 annually. This change directly affects New Jersey residents aged 65+ or permanently disabled with income under the new threshold who own or reside in qualifying property.