Requires partial State reimbursement to municipalities for cost of disabled veterans' total property tax exemption.
Impact
The impact of A4226 on state laws is significant, as it aims to amend the existing P.L.1948, c.259 to include provisions for state reimbursement that currently do not exist. Previously, municipalities had no compensation for the property tax revenue they forfeited due to exemptions for disabled veterans. The passage of this bill would mean that state funds would be allocated to support local governments, thereby directly benefiting municipalities that are affected financially by these exemptions. This change could foster a stronger relationship between state and local governments in terms of supporting veterans.
Summary
Assembly Bill A4226 aims to provide a partial state reimbursement to municipalities regarding the cost of total property tax exemptions granted to disabled veterans. The bill requires the state to annually reimburse local governments for a portion of the tax revenue lost due to these exemptions, specifically targeting veterans with permanent and total disabilities. Under the proposed legislation, municipalities would receive reimbursement equal to 10 percent of the total exemptions granted in a given year, in addition to two percent to cover administrative costs. This initiative seeks to alleviate the financial burden municipalities face when providing these essential benefits to veterans.
Contention
Notable points of contention surrounding Bill A4226 may arise from differing opinions about state versus local government responsibilities. Some may argue that requiring the state to reimburse municipalities could lead to increased scrutiny on budget allocations and necessitate adjustments in how state funds are used. Opponents might view the bill as a redistributive measure that does not adequately address veterans' comprehensive needs, advocating for a more holistic approach to veterans' benefits instead. Furthermore, concerns about the potential long-term fiscal implications for the state budget, given the nature of the reimbursements, could be a source of debate among lawmakers.
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.
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.
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.
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.
Requires State reimbursement to local government units for first-year uncollected property tax revenue attributable to veterans' property tax exemptions.
Requires State reimbursement to local government units for first-year uncollected property tax revenue attributable to veterans' property tax exemptions.
Authorizes proportional property tax exemption for honorably discharged veterans having a service-connected disability and requires State to reimburse municipalities for cost of exemption.
Authorizes proportional property tax exemption for honorably discharged veterans having a service-connected disability and requires State to reimburse municipalities for cost of exemption.
Requires State reimbursement to local government units for first-year uncollected property tax revenue attributable to veterans' property tax exemptions.
Requires State reimbursement to local government units for first-year uncollected property tax revenue attributable to veterans' property tax exemptions.