New Jersey Assembly Bill ACR59

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

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.

Impact

By enabling veteran homeowners who are honorably discharged to receive a $250 deduction from payments in lieu of taxes, ACR59 would alter existing tax benefits to better accommodate those who have served in the military. In addition, senior citizens and individuals with disabilities would also qualify for the same deduction, thereby promoting fairness and offering financial relief to these groups which may face economic hardships. This amendment is designed to amend specific sections within Article VIII, Section I of the state constitution and would require public approval if passed by the legislature.

Summary

ACR59 is a proposed amendment to the New Jersey Constitution aimed at allowing certain groups—specifically veterans, senior citizens, and individuals with disabilities—to receive property tax benefits even if they are making payments in lieu of property taxes. This amendment seeks to provide a $250 deduction for eligible veterans and similar benefits for eligible senior citizens and individuals with disabilities. The bill emphasizes the need to ensure that these groups can also benefit from tax deductions that are typically available for standard property tax payments.

Contention

Notable points of contention surrounding ACR59 may arise from debates over its potential fiscal impact on local municipalities and the state at large. Proponents of the bill argue that it supports those who have served the country and sectors of the population who may need assistance, enhancing their quality of life. Conversely, opponents might highlight concerns about the financial repercussions for local governments that would have to provide these benefits without a robust funding mechanism. Overall, the bill's passage would reflect a commitment to supporting vulnerable communities while also requiring careful consideration of the implications for municipal tax revenues.