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Bill > A974
NJ A974
NJ A974Requires State reimbursement to municipalities of cost of disabled veterans' total property tax exemption.
summary
Introduced
01/27/2016
01/27/2016
In Committee
01/27/2016
01/27/2016
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill would require the State to annually reimburse each municipality in an amount equal to 102 percent of the amount of any disabled veterans' total property tax exemptions permitted by that taxing district in the current tax year pursuant to section 1 of P.L.1948, c.259 (C.54:4-3.30). It is the intent of the sponsor that the 102% reimbursement shall cover the cost of the actual taxes exempted plus any administrative costs that may be incurred by the municipalities due to the enactment of the bill.
AI Summary
This bill would require the State to annually reimburse each municipality in an amount equal to 102% of the total property tax exemptions granted to disabled veterans pursuant to existing law. The bill also outlines the process for municipalities and county tax boards to report the number and total value of these exemptions to the Director of the Division of Taxation, who is authorized to inspect relevant records and adopt regulations to implement the bill's provisions. The intent is to ensure municipalities are fully reimbursed for the cost of providing the disabled veterans' property tax exemption.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Introduced, Referred to Assembly Military and Veterans' Affairs Committee (on 01/27/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/A1000/974_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/A1000/974_I1.PDF |
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