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 amount will be determined based on the percentage of property taxes paid on the claimant's homestead, corresponding to their service-connected disability rating. For veterans residing 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. The maximum rebate is capped at $5,000, and eligibility is restricted to individuals with a gross income not exceeding $200,000.

The bill outlines the application process, requiring annual submissions of relevant documentation, such as property tax bills or proof of rent paid, and establishes procedures for the Division of Taxation to assess eligibility and rebate amounts. It also includes provisions for withholding rebates in cases of tax delinquency and grants the director the authority to create necessary regulations for effective implementation. The funding for this rebate program will depend on annual appropriations by the Legislature, ensuring ongoing financial support for the initiative aimed at providing meaningful property tax relief to veterans living with disabilities.