This bill aims to extend property tax benefits to veterans, 100 percent service-disabled veterans, senior citizens, and persons with disabilities who are required to make payments in lieu of property taxes. It introduces provisions that exempt these individuals from taxation or payments in lieu of property taxes as mandated by contracts between municipalities and urban renewal entities under the Long Term Tax Exemption Law. The bill allows for exemptions on the dwelling house and lot occupied by eligible individuals, including surviving spouses, and ensures that these exemptions are in addition to any other property exemptions already available. It also clarifies the process for claiming these exemptions and outlines the eligibility criteria and necessary documentation for surviving spouses.

Additionally, the bill proposes amendments to existing laws regarding property tax deductions, extending the $250 property tax deduction to those making payments in lieu of property taxes under the same contracts. Key amendments include provisions for deductions from both property taxes and payments in lieu of property taxes, as well as stipulations regarding the application process and the responsibilities of assessors and collectors. The bill will take effect immediately but will remain inoperative until approved by voters in a general election, which would amend the New Jersey Constitution to authorize these property tax benefits for the specified groups.

Statutes affected:
Introduced: 54:4-3.30, 54:4-3.31, 54:4-3.32, 54:4-8.11, 54:4-8.12, 54:4-8.13, 54:4-8.17, 54:4-8.41, 54:4-8.43, 54:4-8.44, 54:4-8.46