This bill amends existing law to provide a total property tax exemption for 100% disabled veterans, making the exemption retroactive to the effective date of the determination of total disability by the United States Department of Veterans Affairs. The legislation stipulates that the exemption applies to the veteran's dwelling house and lot, and it is in addition to any other exemptions allowed by law. Furthermore, the bill ensures that surviving spouses of eligible veterans can also claim the same exemption under specified conditions.

Additionally, the bill mandates that municipalities must return all taxes collected on properties that would have been exempt had a proper claim been made, effective from the date of the total disability determination. The State is required to reimburse municipalities for the amount of property taxes returned to veterans, calculated at 102% of the reimbursement granted. This aims to alleviate the financial burden on municipalities while ensuring that veterans receive the benefits they are entitled to.

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