State & Local Tax, Tax

Potential Property Tax Break For Veterans

A proposed change in New Jersey law, if approved by voters, would extend a property tax break to veterans. The proposed constitutional amendment would extend, to residential units in continuing care retirement communities, the $250 property tax deduction provided by state law and the total property tax exemption that’s granted to honorably discharged veterans and their surviving spouses. Currently, the veterans and their surviving spouses who live in these communities don’t qualify for the $250 deduction or the total property tax exemption, because they don’t own the units in which they reside. Contact the Cg Team with questions. © 2019