New Jersey A1262 requires state reimbursement to local governments for uncollected property taxes due to veterans' property tax exemption.
New Jersey A1262 mandates that the State Treasurer reimburse local government units, including municipalities, counties, school districts, and fire districts, for the total amount of assessed property taxes that are not collectible during the first tax year in which a person is approved for a property tax exemption. This exemption applies to veterans with a service-connected disability. The reimbursement is to be made within 10 calendar days following the due date of each quarterly property tax bill.
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