NJ SCR99

Proposes a constitutional amendment to increase the annual veterans' property tax deduction from $250 to $1,250, effective starting in 2024.

Eligible recipients include New Jersey residents honorably discharged from active service in any branch of the U.S. Armed Forces, as well as surviving spouses of qualified veterans.

The deduction applies to real and personal property taxes, including taxes on residential units held by stockholders in cooperative or mutual housing corporations; if the tax bill is less than $1,250, the entire bill would be canceled.

Residents of continuing care retirement communities who are eligible veterans would receive the deduction as a payment or credit from the facility within 30 days of the property tax bill.

The amendment requires voter approval at a general election and would be the first increase since 2003, when the deduction was last raised from $50 to $250.