The 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 amends existing laws to clarify that these individuals are exempt from both property taxes and payments in lieu of property taxes as outlined in contracts between municipalities and urban renewal entities under the Long Term Tax Exemption Law. Additionally, the bill ensures that surviving spouses of eligible veterans can continue to receive these exemptions under similar conditions. Key amendments include the specification that the exemption applies to payments in lieu of property taxes and the streamlining of the application process for claiming these benefits.

Furthermore, the bill proposes to extend eligibility for the $250 property tax deduction currently available to veterans with a 100 percent service-connected disability to senior citizens and individuals with disabilities who also make payments in lieu of property taxes. It outlines the procedures for claiming these deductions, including the requirement for applications to be filed with the appropriate taxing district officials, and emphasizes that the deductions will not exceed specified amounts based on the tax year. Importantly, the bill will only take effect upon voter approval of a constitutional amendment authorizing these property tax benefits.

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