S.1575

New Jersey S1575 requires state reimbursement to local government units for uncollected property tax revenue due to veterans' property tax exemption.

New Jersey S1575 amends the veterans' property tax exemption law to mandate state reimbursement to local government units, including municipalities, counties, and school districts, for uncollected property tax revenue during the first year a person is approved for the 100 percent service-disabled veterans property tax exemption. The State Treasurer must reimburse these units within 10 days following the due date of each quarterly property tax bill. The bill also outlines the process for tax collectors to provide necessary documentation to the Director of the Division of Taxation.