This bill amends the current law regarding the eligibility for the veterans property tax deduction in New Jersey. It allows veterans who acquire ownership of real property after October 1 of the pretax year, but before December 31 of the same year, to qualify for the property tax deduction for that tax year. The key condition is that the veteran must have been eligible for the deduction on another property prior to October 1 of the pretax year.

The bill introduces new legal language that specifies the conditions under which a veteran or a surviving spouse can claim the deduction, including the requirement to establish ownership and residency as of October 1 of the pretax year. However, it provides an exception for veterans who acquire property after this date, ensuring they do not lose their eligibility for the deduction simply due to a change in residence. This change aims to support veterans who may move into new homes after the specified date without losing their tax benefits.

Statutes affected:
Introduced: 54:4-8.15