This bill amends current law to ensure that the tax-exempt status of real property owned by 100% disabled veterans is maintained during the reconstruction of homes that have been destroyed by natural disasters, such as floods or storms. Specifically, it allows the land on which the dwelling was situated to retain its tax-exempt status as long as substantial construction begins within four years of the destruction. The bill defines a dwelling as "destroyed in significant part" if it is rendered unsafe, unsanitary, or uninhabitable due to such events.

The legislation aims to protect disabled veterans from losing their tax exemptions while they rebuild their homes, addressing issues that arose after Superstorm Sandy, which caused many veterans to face taxable properties during their recovery efforts. By allowing these veterans to maintain their tax-exempt status during the reconstruction period, the bill seeks to provide financial relief and support to those who have served in the military and are now facing the challenges of rebuilding after a disaster.

Statutes affected:
Introduced: 54:4-3.30