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NJ A4649
Bill
Status
3/10/2026
Primary Sponsor
Brian Rumpf
Click for details
AI Summary
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State must annually reimburse municipalities 102.5% of disabled veterans' total property tax exemptions, up from no reimbursement currently required for this exemption
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State reimbursement to municipalities for veterans' $250 property tax deductions increases from 102% to 102.5% of the deduction amount
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Tax assessors must certify to county tax boards by June 1 each year the number of disabled veterans receiving total exemptions and the total dollar amount
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County tax boards must report disabled veterans' exemption data to the Director of the Division of Taxation by June 15 annually, including exemptions allowed or disallowed since the previous year
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The additional 0.5% reimbursement is intended to cover administrative costs municipalities incur in processing these exemptions and deductions
Legislative Description
Requires State reimbursement to municipalities of cost of disabled veterans' total property tax exemption; increases amount of State reimbursement to municipalities for amount of veterans' property tax deduction.
State and Local Government
Last Action
Introduced, Referred to Assembly State and Local Government Committee
3/10/2026