NJ S950

Increases the annual income eligibility limit for New Jersey's senior citizens' and disabled persons' property tax deduction from $10,000 to $25,000, effective beginning in 2015.

Doubles the maximum annual property tax deduction amount from $250 to $500 for qualifying senior citizens (age 65+) and permanently disabled residents.

Both the income limit and deduction amount had remained unchanged since 1983, when they were last raised from $9,000/$225 to $10,000/$250.

Takes effect 30 days after voter approval of a corresponding constitutional amendment to authorize these changes.

Deduction applies to owner-occupied dwellings, including homes on leased land and cooperative/mutual housing corporation units, but cannot be combined with other property tax exemptions except for veteran's deductions.