This bill proposes a property tax deduction of up to $5,000 for honorably discharged veterans who have a service-connected disability rating of less than 100 percent. The new legal language specifies that these veterans, upon being declared by the United States Department of Veterans' Affairs to have a service-connected disability, will be entitled to an annual deduction from their real property tax bill, with the provision that if their tax bill is less than $5,000, it will be canceled. This deduction is in addition to the existing $250 property tax deduction available to all honorably discharged veterans.

Additionally, the bill includes provisions for the reimbursement of taxing districts by the State Treasurer, who will reimburse each district an amount equal to 102 percent of the property tax deductions granted under this new law. The bill amends existing laws to clarify the eligibility criteria and application process for these deductions, ensuring that veterans and their surviving spouses can benefit from the exemptions provided. The act is set to take effect on January 1 following its enactment.

Statutes affected:
Introduced: 54:4-3.30, 54:4-3.31, 54:4-3.32