New Jersey Assembly Bill A1756

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

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.