SENATE, No. 2176

STATE OF NEW JERSEY

INTRODUCED JUNE 12, 1997

By Senator CONNORS

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.

    3. This act shall take effect January 1 next following enactment.

STATEMENT

    This bill extends to disabled veteran tenant shareholders and their surviving spouses residing in a cooperative or mutual housing corporation which is their legal residence in this State the property tax exemption 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.

    This bill also clarifies that the extension of this exemption applies only to a unit in a cooperative or mutual housing corporation which is the legal residence in this State of a disabled veteran tenant shareholder and his or her surviving spouse.

Extends veterans' property tax exemption to tenant shareholders in cooperatives and mutual housing corporations.