Requires State reimbursement to municipalities of cost of disabled veterans' total property tax exemption; increases amount of State reimbursement to municipalities for amount of veterans' property tax deduction.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill aims to increase financial support for New Jersey municipalities by requiring the state to reimburse them for the costs associated with property tax exemptions for disabled veterans and veterans’ property tax deductions. Specifically, it mandates a 102.5% reimbursement of the amount of these exemptions and deductions allowed by local taxing districts. The bill also establishes reporting requirements for municipalities to certify the number and value of these exemptions to the county tax board and the state.
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