Bill > A2867

This bill extends eligibility for property tax benefits to individuals who pay "payments in lieu of property taxes" instead of traditional property taxes, a situation that can arise from contracts between municipalities and urban renewal entities under the "Long Term Tax Exemption Law." Specifically, it allows veterans with a 100 percent service-connected disability, veterans receiving a $250 property tax deduction, and senior citizens and persons with disabilities receiving a $250 property tax deduction to qualify for these benefits even if they are making these alternative payments. The bill also clarifies that these benefits apply to surviving spouses and ensures that the exemptions and deductions are properly administered and claimed, including provisions for cooperative and mutual housing corporations. The bill's effective date is contingent upon the approval of a constitutional amendment allowing these property tax benefits to be extended to those making payments in lieu of property taxes.

Military Affairs and Security

https://www.njleg.state.nj.us/bill-search/2026/A2867