This bill amends the current law regarding the eligibility for the veterans property tax deduction in New Jersey. It allows veterans who acquire ownership of a parcel of real property after October 1 of the pretax year, but before December 31 of the same year, to qualify for the property tax deduction for that tax year. The key condition is that the veteran must have been eligible for the deduction on another property prior to October 1 of the pretax year.

The bill introduces new language that specifies the criteria for establishing a claim for the deduction, including the requirement that the veteran must be the owner of the legal title to the property on October 1 of the pretax year, with the exception noted for those who acquire property after that date. This change aims to ensure that veterans who move into new homes after October 1 do not lose their eligibility for the property tax deduction, thereby providing them with continued financial support. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 54:4-8.15