This bill proposes a property tax rebate program specifically for disabled veterans in New Jersey who have been honorably discharged from the Armed Forces and possess a service-connected disability recognized by the United States Department of Veterans Affairs. The rebate will be calculated based on the percentage of service-connected disability, with a maximum rebate of $5,000. For veterans living in rental properties or mobile homes, 18% of the rent or site fee paid during the tax year will be considered as property taxes paid. Eligibility for the rebate is limited to individuals with a gross income not exceeding $200,000, and the bill outlines an application process requiring annual submissions of relevant documentation.

Additionally, the bill establishes procedures for the Division of Taxation to determine eligibility and rebate amounts, including provisions for withholding rebates in cases of tax delinquency. The director of the Division is also granted the authority to create rules and regulations to facilitate the implementation of the program, which will be funded through annual appropriations by the Legislature. The regulations will be effective for a period not exceeding 18 months from the date of filing, allowing for necessary amendments in accordance with existing law. The act is set to take effect immediately upon passage.