Increases amounts of property tax deductions for senior citizens and persons with disabilities, and veterans, from $250 to $500.

This bill increases the annual property tax deduction for eligible senior citizens (65+), persons with disabilities, and veterans from $250 to $500, effective 2024. It directly affects New Jersey residents in these categories who own or occupy qualifying property and meet income limits. The key change modifies two existing laws (P.L.1963, c.171 for veterans and c.172 for seniors/disabled) to raise the deduction amount, while requiring a constitutional amendment approval before taking effect. The deduction will cover up to $500 of property tax annually or the full tax amount if lower.