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NJ A5874
Bill
Status
6/23/2025
Primary Sponsor
Alex Sauickie
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AI Summary
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Establishes an annual property tax deduction of up to $5,000 for honorably discharged veterans with service-connected disabilities rated less than 100 percent by the U.S. Department of Veterans Affairs
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Cancels the property tax bill entirely for qualifying veterans whose annual property tax is less than $5,000
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Extends the same proportionate deduction to qualifying veteran tenant shareholders in cooperative or mutual housing corporations
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Requires the State Treasurer to annually reimburse taxing districts for 102 percent of the deductions granted under this program
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Takes effect on January 1 following enactment; this deduction is in addition to the existing $250 veterans' property tax deduction available to all honorably discharged veterans
Legislative Description
Provides property tax deduction up to $5,000 to honorably discharged veterans having a service-connected disability rating less than 100 percent.
State and Local Government
Last Action
Introduced, Referred to Assembly State and Local Government Committee
6/23/2025