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 from a minimum of 30 percent, with a cap of $10,000 for those with disabilities less than 100 percent. Veterans deemed unemployable due to their service-connected disabilities will receive a full 100 percent exemption, similar to those with a total disability rating. The bill also extends the 100 percent exemption to the surviving spouses of veterans who were eligible at the time of their death, while the new proportional exemption does not extend to surviving spouses.

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. It mandates that the State reimburse municipalities for the cost of these exemptions, including administrative expenses, and outlines reporting requirements for tax assessors and county boards of taxation to ensure accurate reimbursement. The bill is set to take effect on January 1 following its enactment.

Statutes affected:
Introduced: 54:4-3.30