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Bill > A123
NJ A123
NJ A123Requires partial State reimbursement to municipalities for cost of disabled veterans' total property tax exemption.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 veterans who are permanently and totally disabled. 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 current tax year, plus an additional 2 percent to cover municipal administrative costs. Currently, municipalities are not reimbursed by the State for any part of this property tax exemption.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Introduced, Referred to Assembly Military and Veterans' Affairs Committee (on 01/09/2024)
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/2024/A123 |
| BillText | https://pub.njleg.gov/Bills/2024/A0500/123_I1.HTM |
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