Provides property tax deduction up to $5,000 to honorably discharged veterans having a service-connected disability rating less than 100 percent.

This bill provides an annual property tax deduction of up to $5,000 for New Jersey veterans who are honorably discharged and have a service-connected disability rated below 100% by the U.S. Department of Veterans Affairs. It directly affects these veterans by reducing their annual property tax bill, canceling the full bill if it is less than $5,000. The deduction applies in addition to New Jersey’s existing $250 veterans’ property tax deduction. The state will reimburse taxing districts 102% of the total deductions granted under this provision each year.