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NJ S3543
Bill
Status
2/19/2026
Primary Sponsor
Shirley Turner
Click for details
AI Summary
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Doubles the annual property tax deduction for eligible senior citizens (65+) and permanently disabled persons from $250 to $500, phased in over five years
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Phase-in schedule: $300 in 2027, $350 in 2028, $400 in 2029, $450 in 2030, and $500 in 2031 and thereafter
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Eligibility requires annual income not exceeding $10,000 and ownership/residency in the dwelling (including cooperative housing)
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The deduction has remained at $250 since 1983, marking the first increase in over 40 years
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Implementation contingent on voter approval of a constitutional amendment authorizing the increased deduction
Legislative Description
Increases annual property tax deduction for senior citizens and disabled persons from $250 to $500.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
2/19/2026