SENATE COMMUNITY AND URBAN AFFAIRS COMMITTEE
STATEMENT TO
SENATE CONCURRENT RESOLUTION No. 81
STATE OF NEW JERSEY
DATED: JUNE 17, 2024
The Senate Community and Urban Affairs Committee reports
favorably Senate Concurrent Resolution No. 81.
If approved by the voters of the State, this proposed constitutional
amendment would increase the amount of the veterans’ property tax
deduction from the current $250 to $2,500. The increase would occur
over four years. Veterans who are honorably discharged from active
service in a branch of the United States Armed Forces qualify for the
deduction. A qualified veteran’s surviving spouse would receive the
deduction after the qualified veteran dies.
The amendment would increase the amount of the deduction to
$1,000 in tax year 2025, $1,500 in tax year 2026, $2,000 in tax year
2027, and $2,500 in tax year 2028, and every tax year thereafter.
The voters of the State last approved an increase in the amount of
the deduction in 1999, from $50 to $250, over four years. The amount
of the deduction has been $250 since 2003.