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Bill > ACR27
NJ ACR27
NJ ACR27Proposes constitutional amendment to increase veterans' property tax deduction to $1,000, and base future deductions on annual CPI increases.
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 resolution proposes a constitutional amendment to increase the annual veterans' property tax deduction. The current annual deduction of $250 will be increased to $1,000. That increase will take effect in 2022. In later years, the annual deduction will be further adjusted according to the net increases in the Consumer Price Index since 2022, but the deduction will never decrease. In other words, 2022 will be established as the base year for further deduction increases beyond the initial increase to $1,000. In each year after 2022, the amount of the deduction will be determined by calculating the percentage increase in the Consumer Price Index since 2022, and applying the same percentage increase to $1,000, the deduction amount in 2022. However, the deduction will not be decreased. So, if there has been a decrease to the Consumer Price Index that would cause the deduction amount to also decrease, then the deduction will be the same as the previous year. Any increase in the amount of the annual deduction will be rounded to the next highest multiple of $1. The most recent increase to the annual veterans' property tax deduction occurred in 2002, from $200 per year to the current $250 per year. This proposed constitutional amendment will rely upon enactment of implementing legislation establishing a definition of Consumer Price Index to determine increases in years after 2022.
AI Summary
This concurrent resolution proposes a constitutional amendment to significantly increase the property tax deduction available to honorably discharged veterans, raising it from the current $250 to $1,000 starting in 2021. Furthermore, it establishes a mechanism for future increases to this deduction by tying it to annual adjustments based on the Consumer Price Index (CPI), which measures inflation, ensuring that the deduction will grow over time in proportion to inflation but will never decrease. The resolution also clarifies that any increase in the deduction amount will be rounded up to the nearest dollar and that the specific definition of the CPI for these adjustments will be determined by future legislation. This proposal aims to provide greater financial relief to veterans on their property taxes, acknowledging that the current deduction has not been significantly updated since 2002.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Introduced, Referred to Assembly Commerce and Economic Development Committee (on 01/13/2026)
Official Document
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2026/ACR27 |
| BillText | https://pub.njleg.gov/Bills/2026/ACR/27_I1.HTM |
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