Permits veteran's property tax deduction for tax year when veteran was previously qualified to receive deduction and became owner of real property after October 1 of pretax year.

This bill changes New Jersey's property tax deduction rules for veterans. Currently, veterans must own their home by October 1 to qualify for the deduction. The bill would allow veterans who purchase property after October 1 but before December 31 to still qualify if they were previously eligible for the deduction on another property. This prevents veterans from losing the deduction when moving into a new home late in the year, applying to the tax year starting January 1st.