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 proper claim, will receive 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. The bill also maintains the existing property tax exemption for veterans with a 100 percent disability rating, while adding this new deduction for those with lower ratings.

Additionally, the bill includes provisions for the surviving spouses of eligible veterans, allowing them to inherit the same tax benefits under certain conditions. It mandates that the State Treasurer reimburse local taxing districts for 102 percent of the deductions granted under this new law. This initiative aims to provide financial relief to veterans with service-connected disabilities and their families, supplementing the existing $250 property tax deduction available to all honorably discharged veterans.

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