Authorizes proportional property tax exemption for honorably discharged veterans having a service-connected disability and proclaims that the State shall reimburse municipalities for cost of exemptions.

This bill (S 58) provides property tax exemptions for New Jersey veterans with service-connected disabilities. It allows veterans with a 30% or higher disability rating (including specific conditions like blindness, amputations, or paralysis) to receive a tax exemption proportional to their disability percentage, up to 100%. Surviving spouses of eligible veterans or those who died in service also qualify for similar exemptions under defined conditions. Crucially, the bill requires the state to reimburse municipalities 102% of the lost tax revenue from these exemptions, ensuring local governments aren’t financially burdened. The policy directly affects honorably discharged veterans with qualifying disabilities and their surviving spouses.