New Jersey Senate Bill SCR55

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Proposes constitutional amendment to increase annual income limitation for eligibility to receive property tax deduction for senior and disabled citizens.

Impact

The amendment would significantly affect the financial situation of many senior and disabled residents, providing them with a greater opportunity to receive property tax deductions that could ease their economic burden. By raising the income threshold, SCR55 aims to extend assistance to a broader range of qualifying individuals who may be struggling to meet their expenses, particularly as costs of living and taxes have increased over time. The introduction of the amendment emphasizes the state's commitment to supporting its elderly and disabled citizens, ensuring they can remain financially secure in their housing.

Summary

SCR55 proposes a constitutional amendment aimed at increasing the annual income limitation that determines eligibility for property tax deductions for senior and disabled citizens in New Jersey. Currently, the Constitution limits this annual income to $10,000, a figure that has not been adjusted since 1983. If passed, SCR55 seeks to raise this limit to $15,000 starting in the year 2023. The amendment specifically targets citizens aged 65 and older, as well as permanently and totally disabled individuals under 65, allowing them to qualify for property tax deductions on their real property taxes regardless of age or status, as long as they meet the new income criteria.

Contention

While proponents of SCR55 argue for the necessity of increasing the income threshold to adjust for inflation and rising living costs, opponents may raise concerns regarding the fiscal implications of such changes. Critics might argue about how this amendment could lead to increased burdens on local tax revenues and whether the state can accommodate the additional financial responsibilities that come with greater deductions. Additionally, the process of constitutional amendments can often invoke broader debates on the balance between government assistance and responsible fiscal management.