Sponsored by:
Senator CHRISTOPHER J. CONNORS
District 9 (Atlantic, Burlington and Ocean)
Senator BRIAN P. STACK
District 33 (Hudson)
Assemblywoman DIANNE C. GOVE
District 9 (Atlantic, Burlington and Ocean)
Assemblyman BRIAN E. RUMPF
District 9 (Atlantic, Burlington and Ocean)
Assemblyman JOHN ARMATO
District 2 (Atlantic)
Assemblyman VINCENT MAZZEO
District 2 (Atlantic)
Co-Sponsored by:
Senator O'Scanlon, Assemblywoman N.Munoz, Assemblyman Johnson, Assemblywomen DiMaso, Dunn, Assemblymen Mukherji, Mejia, Catalano, McGuckin, Assemblywoman Jimenez, Assemblymen Space, Wirths, Assemblywomen Vainieri Huttle, Swain and Assemblyman Tully
SYNOPSIS
Extends veterans' property tax exemption to tenant shareholders in cooperatives and mutual housing corporations.
CURRENT VERSION OF TEXT
As introduced.
An Act extending the veterans' property tax exemption to certain veterans and amending and supplementing P.L.1948, c.259.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 4 of P.L.1948, c.259 (C.54:4-3.33) is amended to read as follows:
4. "Dwelling house," as used in [this act] P.L.1948, c.259 (C.54:4-3.30 et seq.) , shall mean any one-family building or structure or any [unit] apartment of a horizontal property regime established pursuant to the "Horizontal Property Act," P.L.1963, c.168 (C.46:8A-1 et seq.) or any unit of a condominium property established pursuant to the "Condominium Act," P.L.1969, c.257 (C.46:8B-1 et seq.) owned and occupied by a claimant as his legal residence in this State, or any unit in a cooperative established pursuant to "The Cooperative Recording Act of New Jersey," P.L.1987, c.381 (C.46:8D-1 et seq.), or a mutual housing corporation as defined in section 2 of P.L.1990, c.61 (C.54:4-8.58), which is occupied by a claimant who is a tenant shareholder in that cooperative or mutual housing corporation as the claimant's legal residence in this State, or where a multiple-family building or structure is owned by a claimant, then that portion thereof which is occupied by the claimant as his legal residence in this State, and includes any outhouses or appurtenances belonging thereto or usually enjoyed therewith.
(cf: P.L.1977, c.293, s.1)
2. (New section) For the purposes
of P.L.1948, c.259, (C.54:4-3.30 et seq.) a tenant shareholder in a cooperative
or mutual housing corporation shall be entitled to an exemption from taxation
under that act only to the extent of his proportionate share of the taxes
assessed against the real property of the corporation or any other entity
holding title to that real property. The Director of the Division of Taxation
in the Department of the Treasury shall promulgate regulations, in accordance
with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1
et seq.) to: require that the application for the exemption shall include the
name and address of the location of the property and the amount of real
property taxes attributed to the cooperative unit or mutual housing residential
unit; and ensure that the disabled veteran or surviving spouse, as the case may
be, is the sole beneficiary of the disabled veterans' property tax exemption
provided by P.L.1948, c.259 (C.54:4-3.30 et seq.).
3. This act shall take effect January 1 next following enactment.
STATEMENT
This bill would extend the disabled veteran’s property tax exemption to disabled veteran shareholders and their surviving spouses residing in a cooperative or mutual housing corporation which is their legal residence. The disabled veteran’s property tax exemption is currently afforded to disabled veterans and their surviving spouses who own and reside in a single-family home, a portion of a multi-family home, a unit in a condominium or an apartment in a horizontal property regime. Article VIII, Section I, paragraph 3 of the New Jersey Constitution authorizes this tax exemption.
Under the bill, the Director of the Division of Taxation would be required to promulgate regulations to require that the application for exemption include the name and address of the location of the property and the amount of real property taxes attributed to the cooperative unit or mutual housing residential unit, and to ensure that the disabled veteran or surviving spouse is the sole beneficiary of the disabled veteran’s property tax exemption.