Continues tax exempt status of certain real property owned by disabled veterans during reconstruction of homes destroyed by flood, storm, or other act of God.
Impact
The bill is particularly relevant in light of the devastation wrought by Superstorm Sandy, which led to a significant number of tax exemptions lapsing for disabled veterans whose homes were destroyed. Without this bill, these veterans would find their properties becoming taxable while they work to rebuild, a situation that could prolong their financial recovery. By maintaining their tax exempt status during the reconstruction, A1756 aims to provide a crucial safety net that respects their service and sacrifice while also facilitating a quicker return to normalcy.
Summary
Assembly Bill A1756 seeks to amend existing laws concerning the tax exempt status of properties owned by disabled veterans in New Jersey. Specifically, it aims to ensure that if a dwelling owned by a 100% disabled veteran is destroyed by natural disasters such as floods or storms, the property retains its tax exempt status during the reconstruction phase. The bill stipulates that as long as substantial construction is undertaken within four years of the destruction, the land and the reconstructed dwelling will continue to be exempt from local property taxes, thereby alleviating some of the financial burden on veterans as they recover from such disasters.
Contention
While the bill appears to have a generally supportive basis, discussions in the legislature may reveal areas of contention. Opponents might argue about the potential loss of tax revenue for local governments during the reconstruction phase or question the specifics of what constitutes 'substantial construction'. Additionally, there may be concerns regarding the definition of natural disasters that trigger these provisions. Overall, supporters advocate for the rights and protections of veterans, emphasizing the need to shield them from further fiscal challenges during recovery efforts.
Carry Over
Continues tax exempt status of certain real property owned by disabled veterans during reconstruction of homes destroyed by flood, storm, or other act of God.
Carry Over
Continues tax exempt status of certain real property owned by disabled veterans during reconstruction of homes destroyed by flood, storm, or other act of God.
Continues tax exempt status of certain real property owned by disabled veterans during reconstruction of homes destroyed by flood, storm, or other act of God.
Makes total property tax exemption for 100% disabled veterans retroactive to effective date of determination of total disability; requires State to reimburse municipalities for reimbursement of property taxes paid to veteran.
Extends eligibility for veterans' property tax deduction and disabled veterans' property tax exemption to certain veterans released under other than honorable circumstances.
Authorizes proportional property tax exemption for honorably discharged veterans having service-connected permanent disability; extends eligibility to veterans suffering from mental illness; establishes eligibility of property owned by disabled veteran with surviving partner for exemption.
Authorizes proportional property tax exemption for honorably discharged veterans having service-connected permanent disability; extends eligibility to veterans suffering from mental illness; establishes eligibility of property owned by disabled veteran with surviving partner for exemption.
Authorizes proportional property tax exemption for honorably discharged veterans having a service-connected permanent disability and proclaims that the State shall reimburse municipalities for cost of exemption.