A1488

Makes total property tax exemption for 100% disabled veterans retroactive to effective date of determination of total disability; requires State to.

This bill amends the property tax exemption for 100% disabled veterans in New Jersey, making it retroactive to the effective date of the determination of total disability by the United States Department of Veterans’ Affairs. It requires municipalities to return all taxes collected on the veteran's property after the effective date of the determination of total disability. The State is mandated to reimburse each municipality an amount equal to 102 percent of the amount of any veterans' property tax reimbursement granted in that municipality and reported by the tax assessor.