This bill establishes a property tax rebate program in New Jersey specifically for disabled veterans who have been honorably discharged from the Armed Forces and possess a service-connected disability as determined by the U.S. Department of Veterans Affairs. The rebate amount will be calculated based on the percentage of the veteran's disability rating, with a maximum limit of $5,000. For veterans living in rental properties or mobile homes, 18% of the rent or site fee paid will be considered as property taxes for rebate calculations. However, eligibility is restricted to those with a gross income not exceeding $200,000.

The bill outlines the application process, requiring annual submissions and documentation of property taxes or rent paid. The Director of the Division of Taxation will oversee the approval and distribution of rebates, with the authority to adjust amounts based on previous erroneous claims. Additionally, no rebates will be issued to property owners with outstanding tax delinquencies, and provisions are included for cooperative housing and continuing care retirement communities. The program's funding will depend on annual appropriations by the Legislature, aiming to provide financial relief to veterans facing property tax burdens due to their disabilities.