This bill mandates that the State of New Jersey reimburse local government units, including municipalities, counties, school districts, and fire districts, for the total amount of property taxes that are uncollectible during the first year a person is approved for a 100 percent service-disabled veterans property tax exemption. The reimbursement process is designed to alleviate the financial burden on these local entities due to the tax exemption granted to eligible veterans.

To facilitate this reimbursement, the bill requires the tax collector of the municipality where the veteran resides to submit specific documentation to the Director of the Division of Taxation. This includes a copy of the resolution granting the exemption, the property tax bill for the tax year, and a certification of the amount of property taxes that would have been due for the remainder of the tax year. The State Treasurer is then obligated to reimburse the local government units within 10 calendar days following the due date of each quarterly property tax bill for which taxes are no longer owed.

Statutes affected:
Introduced: 54:4-3.30