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 being a 100 percent service-disabled veteran. The reimbursement process requires the tax collector of the municipality to submit specific documentation to the Director of the Division of Taxation, including a 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 bill stipulates that the State Treasurer must 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. This ensures that local governments are compensated promptly for the loss of revenue due to the tax exemption granted to qualifying veterans. The bill aims to alleviate the financial burden on local governments while honoring the service of disabled veterans.

Statutes affected:
Introduced: 54:4-3.30