Bill > A5760

This bill extends eligibility for property tax benefits to veterans, 100 percent service-disabled veterans, and senior citizens and persons with disabilities who pay payments in lieu of property taxes required under a contract between a municipality and an urban renewal entity pursuant to the "Long Term Tax Exemption Law." The bill allows these individuals to claim the same property tax exemptions, deductions, and credits that are currently available to those who pay regular property taxes. The bill also ensures that the amount of the deduction is based on the share of the payment in lieu of property taxes that is attributable to the individual's unit or dwelling, similar to how the deduction is calculated for those who pay regular property taxes. The bill requires voter approval of a constitutional amendment authorizing these property tax benefits for those who pay payments in lieu of property taxes before it can take effect.

Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2022/A5760