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Bill > SCR24
NJ SCR24
NJ SCR24Proposes constitutional amendment to increase amount of veterans' property tax deduction based on annual increases in CPI.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This concurrent resolution would amend the State Constitution to increase the amount of the veterans' property tax deduction each tax year based on the annual percentage increase in the Consumer Price Index (CPI). The CPI is a widely used method of measuring inflation and is an expression of the average change over time in the prices paid by certain consumers for the purchase of certain goods and services. CPI Indexes are issued for both the United States as a whole and for various geographic areas. Currently, citizens and residents of the State who have been honorably discharged or released under honorable circumstances from active service in the United States Armed Forces are annually entitled to a $250 deduction from the amount of property taxes due on real property. The deduction was last increased by voter approval of a constitutional amendment in 1999 to gradually raise the deduction over a period of four years. The final increase occurred in 2003 to set the amount of the deduction at $250, where it has remained ever since. To account for changes in the cost of living that have occurred since 2003, the concurrent resolution would first increase the amount of the deduction for tax year 2026 by the amount of the annual percentage increases in the CPI that have occurred each tax year from 2003 through 2025. Then, beginning in tax year 2027, the concurrent resolution requires the amount of the deduction to be annually adjusted based on the percentage increase in the CPI for that tax year. Any increase made to the deduction would be rounded to the next highest dollar increment and the amount of the deduction would not be reduced in any year, even if inflation decreases. The concurrent resolution also provides that the amount of the deduction would not be reduced for any year, even if the Consumer Price Index decreased in that year. The proposed constitutional amendment is conditional upon the enactment of implementing legislation establishing a definition of Consumer Price Index to determine increases in tax year 2026 and thereafter.
AI Summary
This concurrent resolution proposes a constitutional amendment to increase the property tax deduction for honorably discharged veterans. Currently, veterans receive a $250 deduction, which has not changed since 2003. The resolution aims to adjust this deduction annually to keep pace with inflation, as measured by the Consumer Price Index (CPI), a common indicator of price changes for goods and services. For the 2026 tax year, the deduction would be increased based on the cumulative CPI increases from 2003 to 2025, and from 2027 onward, it would be adjusted annually based on the CPI for that specific year. Any increase would be rounded up to the nearest dollar, and the deduction would never decrease, even if the CPI declines. This amendment requires further legislative action to define how the CPI will be used for these adjustments.
Committee Categories
Military Affairs and Security
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Military and Veterans' Affairs Committee (on 01/13/2026)
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/2026/SCR24 |
| BillText | https://pub.njleg.gov/Bills/2026/SCR/24_I1.HTM |
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