New Jersey S1568 requires the State to reimburse municipalities for the cost of disabled veterans' total property tax exemption.

New Jersey S1568 mandates that the State reimburse municipalities for the cost of exempting disabled veterans' property from taxation. This includes covering the actual taxes exempted and the administrative costs incurred by municipalities. The bill requires tax assessors to certify the number and total amount of disabled veterans' total property tax exemptions annually. County boards of taxation must include the full estimated amount of these exemptions in their table of aggregates but exclude it from the total on which the tax rate is computed.

New Jersey S1568 requires the State to reimburse municipalities for the cost of disabled veterans' total property tax exemption.

New Jersey S1568 mandates that the State reimburse municipalities for the cost of exempting disabled veterans' property from taxation. This includes covering the actual taxes exempted and the administrative costs incurred by municipalities. The bill requires tax assessors to certify the number and total amount of disabled veterans' total property tax exemptions annually. County boards of taxation must include the full estimated amount of these exemptions in their table of aggregates but exclude it from the total on which the tax rate is computed.