New Jersey-2024-S2796-Introduced

An Act increasing the amounts of the property tax deductions for senior citizens and persons with disabilities, and veterans, from $250 to $500 and amending P.L.1963, c.171 and P.L.1963, c.172.

Be It Enacted by the Senate and General Assembly of the State of New Jersey:

1. Section 2 of P.L.1963, c.171 (C.54:4-8.11) is amended to read as follows:

2. Every person a citizen and resident of this State now or hereafter honorably discharged or released under honorable circumstances from active service in any branch of the Armed Forces of the United States and a surviving spouse as defined herein, during her widowhood or his widowerhood, and while a resident of this State, shall be entitled, annually, on proper claim being made therefor, to a deduction from the amount of any tax bill for taxes on real or personal property or both in the sum of [$100 in tax year 2000, $150 in tax year 2001, $200 in tax year 2002, and] $250 in each [subsequent] tax year through tax year 2023, or if the amount of any such tax shall be less than [$100 in tax year 2000, $150 in tax year 2001, $200 in tax year 2002, and] $250 [in each subsequent tax year], to a cancellation thereof. Beginning in tax year 2024, and in each tax year thereafter, the amount of that deduction shall be $500 in each tax year, or if the amount of any such tax bill shall be less than $500, there shall be a cancellation thereof. A person otherwise eligible for the veterans' deduction who is a resident of a continuing care retirement community shall receive the amount of the deduction to the extent of the share of the taxes assessed against the real property of the continuing care retirement community that is attributable to the unit that the resident occupies. The continuing care retirement community shall provide that amount as a payment or credit to the resident for the amount of the property tax credit received by the continuing care retirement community. That payment or credit shall be made to the resident no later than 30 days after the continuing care retirement community receives the property tax bill on which the credit appears.

(cf: P.L.2019, c.413, s.4)

2. Section 2 of P.L.1963, c.172 (C.54:4-8.41) is amended to read as follows:

2. Every person, a citizen and resident of this State of the age of 65 or more years, or less than 65 years of age who is permanently and totally disabled, having an annual income not in excess of the limitations provided in this section and residing in a dwelling house owned by him which is a constituent part of his real property or residing in a dwelling house owned by him which is assessed as real property but which is situated on land owned by another or others, or residing as a tenant shareholder in a cooperative or mutual housing corporation, shall be entitled, annually, on proper claim being made therefor, to a deduction against the tax or taxes assessed against such real property, to an amount not exceeding the amount of said tax, the proportionate share of said tax attributable to his unit, or the sum provided in this section, whichever is the lesser, but no such deduction from taxes shall be in addition to any other deduction or exemption from taxes to which said person may be entitled, except a veteran's deduction provided under P.L.1963, c.171 (C.54:4-8.10 et seq.). A citizen and resident granted a deduction pursuant to this section may receive in addition any homestead rebate or credit provided by law.

For the purposes of this section, the annual income limitation shall be: $5,000.00 for any year prior to 1981; $8,000.00 for the year 1981; $9,000.00 for the year 1982; and $10,000.00 for year 1983 and each year thereafter.

The sum deducted pursuant to this section shall not exceed [: in any year prior to 1981, $160.00; in the year 1981, $200.00; in the year 1982, $225.00; and in the year 1983 and in each year thereafter,] $250.00 through 2023, and $500 per year in 2024 and any year thereafter.

For the purposes of [this act] P.L.1963, c.172:

a. The income of a married person shall be deemed to include an amount equal to the income of the spouse during the applicable income year, except for such portion of that year as the two were living apart in a state of separation, whether under judicial decree or otherwise.

b. The requirement of ownership shall be satisfied by the holding of a beneficial interest in the dwelling house where legal title thereto is held by another who retains a security interest in the dwelling house.

(cf: P.L.1989, c.252, s.2)

3. This act shall take effect immediately, but shall remain inoperative until the approval by the voters of the State of amendments to the State Constitution that increase the amount of the property tax deductions for senior citizens and persons with disabilities, and veterans, to $500.

STATEMENT

This bill would increase from $250 to $500 the annual property tax deductions provided to senior citizens and persons with disabilities, and veterans, to $500. The bill would take effect immediately, but remain inoperative until the approval by the voters of the State of amendments to the State Constitution that increase the amount of the property tax deductions for senior citizens and persons with disabilities, and veterans, to $500.