Bill > A3703

Introduced Session

This bill would require the State to annually reimburse each municipality for the cost of complying with the State mandate of affording disabled veterans with a total exemption from property taxation. The bill would require the State to cover the cost of the actual taxes exempted plus the administrative costs incurred by municipalities in connection with the reimbursement program. Under current law, each municipality must individually make up for any lost revenue resulting from a parcel of property being exempted from property taxation because of its ownership by a disabled veteran. This often results in an increase in taxes to other property taxpayers in the municipality or a reduction in municipal services. Because the number of qualifying disabled veterans varies from municipality to municipality, compliance with the State policy to exempt disabled veterans' property taxes impacts upon some municipalities more greatly than on others resulting in inequity. This bill would put an end to that inequity by having the State reimburse each municipality for the cost of complying with the State mandate of affording disabled veterans with a total exemption from property taxation.

AI Summary

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Greg McGuckin (R)*,  David Wolfe (R)*, 

Introduced, Referred to Assembly State and Local Government Committee (on 05/19/2016)