New Jersey A3635 requires the State to reimburse municipalities for lost property tax revenue due to disabled veterans' total property tax exemption.

New Jersey A3635 mandates that the State annually reimburse municipalities for a portion of the forgone property tax revenue attributable to real property owned by permanently and totally disabled veterans who receive a total property tax exemption under State law. The State will cover 10 percent of the exemption amount, plus an additional two percent to cover municipal administrative costs. This reimbursement is intended to offset the financial impact on local governments due to the exemption.

New Jersey A3635 requires the State to reimburse municipalities for lost property tax revenue due to disabled veterans' total property tax exemption.

New Jersey A3635 mandates that the State annually reimburse municipalities for a portion of the forgone property tax revenue attributable to real property owned by permanently and totally disabled veterans who receive a total property tax exemption under State law. The State will cover 10 percent of the exemption amount, plus an additional two percent to cover municipal administrative costs. This reimbursement is intended to offset the financial impact on local governments due to the exemption.