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S3543
SENATE, No. 3543
STATE OF NEW JERSEY
222nd LEGISLATURE
�
INTRODUCED FEBRUARY 19, 2026
Sponsored by:
Senator� SHIRLEY K. TURNER
District 15 (Hunterdon and Mercer)
SYNOPSIS
���� Increases annual property tax deduction for senior
citizens and disabled persons from $250 to $500.
CURRENT VERSION OF TEXT
���� As introduced.
��
An Act
increasing the annual property tax deduction for senior citizens and disabled
persons to $500 and amending 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.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
]
be
: in any year prior to 1981, $160.00; in
the year 1981, $200.00; in the year 1982, $225.00;
[
and
]
in the
[
year
]
years
1983
[
and
in each year thereafter
]
through 2026
,
$250.00;
$300.00 in tax year 2027, $350.00 in tax year 2028, $400.00 in tax
year 2029, $450.00 in tax year 2030, and $500.00 in tax year 2031 and in each
tax year thereafter
.
���� For the purposes of this act:
���� 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)
���� 2.��� This act shall take
effect immediately but shall remain inoperative until the approval by the
voters of the State of a constitutional amendment authorizing the increased
property tax deduction for senior citizens and disabled persons provided for
herein.
STATEMENT
���� This bill increases the amount
of the annual property tax deduction provided to eligible senior citizens and
disabled persons from the current $250 to $300.00 in tax year 2027, $350.00 in
tax year 2028, $400.00 in tax year 2029, $450.00 in tax year 2030, and $500.00
in tax year 2031 and in each tax year thereafter.� The amount of this annual
property tax deduction has not been increased since 1983.
���� The provisions of the bill are
to remain inoperative until the approval by the voters of the State of a
constitutional amendment authorizing this increased property tax deduction for
senior citizens and disabled persons.