Proposes constitutional amendment to increase amount of veterans' property tax deduction from $250 to $2,500 over four years.
Impact
If ACR58 is approved by voters, the amendment will amend Article VIII, Section I, paragraph 3 of the New Jersey Constitution to implement this increase. The deductions would be specified as follows: $1,000 in the tax year 2024, $1,500 in 2025, $2,000 in 2026, and finally, $2,500 in 2027 and thereafter. This increase is intended to alleviate the financial burden on veterans and incentivize homeownership among those who have served in the military.
Summary
ACR58 is a proposed constitutional amendment in New Jersey aimed at significantly increasing the property tax deduction for qualified veterans and their surviving spouses. Currently, the deduction stands at $250 annually. The amendment seeks to phase this amount up to $2,500 over a four-year period, culminating in the tax year 2027. This adjustment will benefit veterans who have been honorably discharged from service in the U.S. Armed Forces, as well as their spouses after the veteran’s death.
Contention
The proposal has potential contention points regarding the fiscal impact on local municipalities and the state’s budget. Some might argue that increasing the property tax deduction could lead to a loss of revenue for local governments, which rely on property taxes for funding essential services. However, supporters argue that this amendment recognizes the sacrifices made by veterans and their families and is a necessary adjustment that undermines the previous long-standing deduction amount that has not changed significantly since 1999.
Proposes constitutional amendment to allow veterans, senior citizens, and persons with disabilities who make payments in lieu of property taxes to receive certain property tax benefits.
Proposes constitutional amendment to allow veterans, senior citizens, and persons with disabilities who make payments in lieu of property taxes to receive certain property tax benefits.
Proposes constitutional amendment to permit Legislature to extend eligibility to receive veterans' property tax deduction to surviving spouse of nonresident veteran in certain circumstances.
Proposes constitutional amendment to permit Legislature to extend eligibility to receive veterans' property tax deduction to surviving spouse of nonresident veteran in certain circumstances.
Proposes constitutional amendment to permit Legislature to extend eligibility to receive veterans' property tax deduction to surviving spouse of nonresident veteran in certain circumstances.