TRENTON, NJ — A bipartisan proposal sponsored by Sen. Carmen Amato Jr. of Ocean County and Sen. Troy Singleton of Burlington County cleared the Senate Budget and Appropriations Committee on Oct. 5, advancing a measure to increase New Jersey's veterans' property tax deduction.
The bill, SCR-96, proposes a constitutional amendment that would raise the deduction from $250 to $2,500 over a four-year period, according to the announcement from Amato's office. The current veterans' property tax deduction has not been adjusted since 2003.
The committee action marks an early step for the proposal, which would change a tax benefit that supporters say no longer matches the cost of homeownership in New Jersey. Because the measure is a constitutional amendment, the proposal would need to continue through the legislative process before any change could take effect.
Amato said rising property taxes are putting pressure on veterans who own homes in the state.
"Property taxes continue to climb to all-time highs, pricing veterans out of their homes and making life less affordable here in the Garden State," Amato said.
He also pointed to the length of time since the deduction was last updated and tied the proposal to broader housing costs.
"The veterans' property tax deduction has remained stagnant for over 20 years, even as the cost of owning a home has risen dramatically. Veterans made sacrifices to protect our freedom; they shouldn't have to sacrifice their homes to make ends meet. It is only fair that we increase this benefit to a level that reflects the realities veterans face today," he said.
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