Bill > SCR96

This Concurrent Resolution proposes amending the New Jersey Constitution to gradually increase the annual property tax deduction for honorably discharged military veterans and their surviving spouses from the current $250 to $2,500. A property tax deduction is a reduction in the amount of property taxes a homeowner owes to local government. Under this measure, the deduction would phase in incrementally starting in 2028—increasing to $1,000, then stepping up by $500 every year until it reaches the maximum of $2,500 by the year 2031, where it would remain permanently. Additionally, the resolution establishes guidelines for eligible veterans living in continuing care retirement communities to ensure they receive their appropriate share of the tax credit or payment. Because this measure proposes changing the state constitution, it requires final legislative approval before being placed on the general election ballot for New Jersey voters to decide.