Bill
Bill > S1575
NJ S1575
NJ S1575Requires State reimbursement to local government units for first-year uncollected property tax revenue attributable to veterans' property tax exemption.
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 bill would require the State to reimburse local government units, including municipalities, counties, school districts for the assessed value of property taxes that are no longer collectible during the first year in which a person is approved for the 100 percent service-disabled veterans property tax exemption. During any tax year in which a person is approved for the property tax exemption, the tax collector of the municipality in which the person resides, would be required to provide the Director of the Division of Taxation in the Department of the Treasury with the following documentation: a copy of the resolution approved by the governing body of the municipality granting the property tax exemption; a copy of the person's property tax bill for the tax year; and a certification of the amount of property taxes that would have been otherwise due and payable by the person for each local government unit during the remainder of the tax year following the date of approval by the governing body of the exemption. After this documentation is provided, the State Treasurer would be required to reimburse each local government unit not later than 10 calendar days following the due date of each quarterly tax bill for which property taxes are no longer owed for the property.
AI Summary
This bill mandates that the State will reimburse local government units, such as municipalities, counties, school districts, and fire districts, for property tax revenue lost during the first year a property owner is approved for the 100 percent service-disabled veterans property tax exemption. To receive this reimbursement, the local tax collector must submit specific documentation to the Director of the Division of Taxation within the Department of the Treasury, including a copy of the exemption approval, the property tax bill, and a certification of the uncollected tax amount for each local taxing authority. The State Treasurer is then required to issue these reimbursements to the local government units within 10 calendar days after each quarterly property tax bill is due. This provision aims to offset the financial impact on local governments when eligible veterans receive this tax relief.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/13/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/S1575 |
| BillText | https://pub.njleg.gov/Bills/2026/S2000/1575_I1.HTM |
Loading...