Permits veteran's property tax deduction for tax year when veteran was previously qualified to receive deduction and became owner of real property after October 1 of pretax year.

A1298

ASSEMBLY, No. 1298

STATE OF NEW JERSEY

222nd LEGISLATURE

�

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblyman CODY D. MILLER

District 4 (Atlantic, Camden and Gloucester)

Assemblyman WILLIAM F. MOEN, JR.

District 5 (Camden and Gloucester)

Co-Sponsored by:

Assemblyman Hutchison

SYNOPSIS

���� Permits veteran's property tax deduction for tax year
when veteran was previously qualified to receive deduction and became owner of
real property after October 1 of pretax year.

CURRENT VERSION OF TEXT

���� Introduced Pending Technical Review by Legislative
Counsel.

��

An Act
concerning eligibility criteria for the veteran�s
property tax deduction and amending P.L.1963, c.171.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1.��� Section 6 of P.L.1963,
c.171 (C.54:4-8.15) is amended to read as follows:

���� 6.���
a.
� Every fact
essential to support a claim for a veteran's deduction hereunder shall exist on
October 1 of the pretax year and in the case of an application by a veteran
such application shall establish that the claimant was, on October 1 of the
pretax year, (a) a veteran, as herein defined, (b) the owner of the legal title
to the property as to which the veteran's deduction is claimed and (c) a
citizen and resident of this State and, in the case of an application by a
surviving spouse, as herein defined, such application shall establish that the
surviving spouse was, on October 1 of the pretax year, (a) the owner of the
legal title to the property as to which the veteran's deduction is claimed, (b)
that he or she has not remarried and (c) that he or she is a resident of this
State.� For purposes of establishing a claim, a tenant shareholder in a
cooperative or a mutual housing corporation shall be deemed the owner of legal
title to his proportionate share of the taxable value of the real property of
the corporation or any other entity holding title.� For the purpose of
establishing a claim, a resident of a continuing care retirement community
shall be deemed the owner of legal title to the share of the taxable value of
the real property of the continuing care retirement community that is
attributable to the unit that the resident occupies.

����
b.��� Notwithstanding the
requirement in subsection a. of this section that a veteran shall be the owner
of the legal title to the property as to which the veteran's deduction is
claimed on October 1 of the pretax year, a veteran who becomes the owner of the
legal title to a parcel of real property after October 1 of the pretax year,
but not after December 31 of the pretax year, shall be eligible to receive the
veteran�s property tax deduction for the tax year as long as the veteran was
eligible to receive the veteran�s property tax deduction on any other parcel of
real property in the State prior to October 1 of the pretax year.

(cf: P.L.2019, c.203, s.3)

���� 2.��� This act shall take
effect immediately.

STATEMENT

���� This bill would allow a
veteran who becomes the owner of the legal title to a parcel of real property
after October 1 of the pretax year to be eligible to receive the veteran�s
property tax deduction on that parcel of real property for the tax year as long
as the veteran was eligible to receive that property tax deduction on any other
parcel of real property in the State prior to October 1 of the pretax year.
Under current law, a veteran must be the owner of the legal title to the
property as to which a veteran's property tax deduction is claimed on October 1
of the pretax year in order to be eligible to receive that property tax
deduction for the tax year beginning the next January 1st. This bill would
prevent a veteran from becoming ineligible for the veteran�s property tax
deduction if the veteran moved into a new home after October 1.