Bill > SCR81

This joint resolution proposes a constitutional amendment to increase the veterans' property tax deduction in New Jersey from $250 to $2,500 over a four-year period. The deduction would incrementally rise to $1,000 in tax year 2025, $1,500 in tax year 2026, $2,000 in tax year 2027, and $2,500 in tax year 2028 and subsequent years. The amendment applies to veterans who have been honorably discharged from active service in any branch of the United States Armed Forces, allowing them to deduct this amount from their annual property tax bill. Additionally, the surviving spouse of a qualified veteran would also be eligible to receive this deduction while residing in the state. If the tax bill is less than the deduction amount, the bill would be fully canceled. The proposed amendment would require voter approval through a ballot measure at the next general election, with the ballot including an explanatory statement to help voters understand the proposed change. This resolution aims to provide increased financial relief for veterans and their families by significantly expanding the existing property tax deduction.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/SCR81