Bill
Bill > S2920
NJ S2920
NJ S2920Requires partial State reimbursement to municipalities for cost of disabled veterans' total property tax exemption.
summary
Introduced
06/27/2022
06/27/2022
In Committee
06/27/2022
06/27/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
This bill would require the State to annually reimburse municipalities for a portion of forgone property tax revenue attributable to real property owned by veterans who are permanently and totally disabled and receive a total property tax exemption under State law. Currently, the State is not required to reimburse municipalities for any part of the lost property tax revenue attributable to that property tax exemption. This bill would require the State to annually reimburse each municipality in which permanently and totally disabled veterans reside and own real property in an amount equal to 10 percent of the amount of any disabled veterans' total property tax exemptions granted in the taxing district, plus an additional two percent of that amount as a reimbursement for municipal administrative costs.
AI Summary
This bill would require the State to annually reimburse municipalities for a portion of the forgone property tax revenue attributable to the total property tax exemption granted to permanently and totally disabled veterans under State law. Specifically, the State would be required to reimburse each municipality an amount equal to 10 percent of the total disabled veterans' property tax exemptions granted in the taxing district, plus an additional 2 percent to cover municipal administrative costs. Currently, the State is not required to provide any reimbursement for this property tax exemption.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 06/27/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S2920 |
| BillText | https://pub.njleg.gov/Bills/2022/S3000/2920_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/S3000/2920_I1.PDF |
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