New Jersey Senate Bill SCR26

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Proposes constitutional amendment to increase to $500 veterans' property tax deduction.

Impact

If approved by voters, SCR26 would modify Article VIII, Section I, paragraph 3 of the New Jersey State Constitution. The last increase in veterans' property tax deductions occurred in 1999, making this amendment significant in modernizing support for veterans. Furthermore, it reinforces the state’s commitment to providing aid to those who have served in the military, particularly in the context of rising living costs and property taxes.

Summary

Senate Concurrent Resolution No. 26 (SCR26) proposes a constitutional amendment to increase the annual property tax deduction for veterans in New Jersey from the current $250 to $500 over a five-year period. This resolution aims to recognize the sacrifices made by veterans, providing financial relief through reduced taxation on their property. The increase would be phased in yearly, with specific amounts set for each calendar year: $300 in 2019, $350 in 2020, $400 in 2021, $450 in 2022, and finally reaching $500 in 2023 and beyond.

Contention

While many legislators believe that increasing the property tax deduction for veterans is a positive step towards supporting those who have served, there may be mixed opinions on the financial implications of such an amendment. Detractors might argue that increasing deductions will lead to a reduction in tax revenues at the local level, potentially impacting community services funded by property taxes. Additionally, there could be discussions regarding the prioritization of veteran benefits amidst a broader scope of tax reform and funding needs within the state.