NJ ACR129

Proposes a constitutional amendment to increase the veterans' property tax deduction from $250 to $2,500 over a four-year phase-in period: $1,000 in 2026, $1,500 in 2027, $2,000 in 2028, and $2,500 in 2029 and thereafter.

Applies to New Jersey citizens honorably discharged from active service in any branch of the U.S. Armed Forces, as well as surviving spouses of qualified veterans.

Extends eligibility to veterans residing in continuing care retirement communities, with the facility required to provide the deduction amount as a payment or credit within 30 days of receiving the tax bill.

Requires voter approval through a statewide ballot question at a general election occurring more than three months after legislative agreement.

The current $250 deduction has been unchanged since 2003, when voters last approved an increase from $50 over four years in 1999.