SENATE BUDGET AND APPROPRIATIONS COMMITTEE
STATEMENT TO
SENATE CONCURRENT RESOLUTION No. 96
with committee amendments
STATE OF NEW JERSEY
DATED: OCTOBER 5, 2026
The Senate Budget and Appropriations Committee reports favorably with committee amendments Senate Concurrent Resolution No. 96.
As amended, this concurrent resolution proposes an amendment to the New Jersey Constitution to increase the amount of the veteran’s property tax deduction provided to veterans who have been honorably discharged or released under honorable circumstances from active service in any branch of the United States Armed Forces.
Currently, this deduction is $250 per year. This concurrent resolution proposes to incrementally increase that amount over four years to $2,500 per year, in the following manner: $1,000 in tax year 2028, $1,500 in tax year 2029, $2,000 in tax year 2030, and $2,500 in tax year 2031 and in each tax year thereafter.
COMMITTEE AMENDMENTS:
The committee made technical amendments to the concurrent resolution to update the time frame in which the increases to the amount of the veteran’s property tax deduction would occur.
FISCAL IMPACT:
The Office of Legislative Services (OLS) estimates that the legislation will result in additional State costs of $72.8 million in FY 2029 with annual costs increasing to $181.8 million in FY 2032 due to the four-year phase-in of the increase in the veterans’ property tax deduction. Under current law, the State reimburses municipalities for the revenue loss caused by the property tax deduction and pays two percent of the deduction amount to municipalities as a reimbursement for related administrative expenses.
Municipalities will realize annual net revenue gains equal to two percent of the increase in the amount of the veterans’ property tax deduction, reflecting higher State reimbursements for administrative costs.
The total number of veterans’ property tax deductions has declined by about 6.0 percent annually, and this estimate assumes that this downward trend will continue.