This bill amends existing property tax exemption laws for honorably discharged veterans with service-connected disabilities in New Jersey. It establishes a proportional property tax exemption based on the percentage of disability, starting at a minimum of 25 percent, with a cap of $15,000 for those with disabilities less than 100 percent. Veterans with a 100 percent disability rating or those deemed unemployable due to their service-connected disability will receive a full property tax exemption. The bill also extends the exemption to the surviving spouses of eligible veterans, maintaining the current provisions for their benefits.

Additionally, the bill removes specific medical conditions from eligibility criteria, allowing any service-connected disability recognized by the United States Department of Veterans' Affairs to qualify for the exemption. To support municipalities, the State will reimburse them annually for the cost of these exemptions, including administrative expenses. The bill includes reporting requirements for tax assessors and county boards of taxation to ensure accurate reimbursement calculations. The changes are set to take effect on January 1 following the enactment of the bill.

Statutes affected:
Introduced: 54:4-3.30