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 property tax exemption due to a 100 percent service-connected disability as a veteran. The bill introduces new provisions requiring the tax collector of the municipality to submit specific documentation to the Director of the Division of Taxation, including a copy of the resolution granting the exemption, the property tax bill for the year, and a certification of the amount of taxes that would have been due for the remainder of the tax year.

Additionally, the State Treasurer is tasked with reimbursing 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. This reimbursement process aims to alleviate the financial burden on local governments resulting from the property tax exemptions granted to qualifying veterans. The bill is set to take effect on the first day of the ninth month following its enactment, with provisions for anticipatory administrative actions to facilitate its implementation.

Statutes affected:
Introduced: 54:4-3.30