Bill
Bill > S4089
NJ S4089
NJ S4089Permits veteran's property tax deduction for tax year when veteran was previously qualified to receive deduction and became owner of real property after October 1 of pretax year.
summary
Introduced
02/03/2025
02/03/2025
In Committee
02/03/2025
02/03/2025
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would allow a veteran who becomes the owner of the legal title to a parcel of real property after October 1 of the pretax year to be eligible to receive the veteran's property tax deduction on that parcel of real property for the tax year as long as the veteran was eligible to receive that property tax deduction on any other parcel of real property in the State prior to October 1 of the pretax year. Under current law, a veteran must be the owner of the legal title to the property as to which a veteran's property tax deduction is claimed on October 1 of the pretax year in order to be eligible to receive that property tax deduction for the tax year beginning the next January 1st. This bill would prevent a veteran from becoming ineligible for the veteran's property tax deduction if the veteran moved into a new home after October 1.
AI Summary
This bill modifies existing New Jersey law to provide more flexibility for veterans seeking a property tax deduction. Currently, veterans must own the specific property for which they are claiming the tax deduction by October 1 of the pre-tax year. The bill creates an exception that allows a veteran to still receive the property tax deduction for a tax year if they become the property owner after October 1 but before December 31 of the pre-tax year, provided that the veteran was already eligible for the veteran's property tax deduction on a different property in the state prior to October 1. This change prevents veterans from losing their tax deduction if they move to a new home late in the year, ensuring they are not financially penalized for changing residences. The bill aims to provide more support and continuity for veterans by maintaining their property tax benefits during residential transitions.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 02/03/2025)
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/S4089 |
| BillText | https://pub.njleg.gov/Bills/2024/S4500/4089_I1.HTM |
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