Legislation sponsored by Assemblyman Eric Houghtaling and Assemblywoman Joann Downey extending property tax deductions and exemptions for veterans living in continuing care retirement communities was cleared by the Assembly State and Local Government Committee on Thursday.
“Our veterans have done so much for us, it is simply the least we can do to give them the same assistance we give to current homeowners,” said Houghtaling (D-Monmouth). “The goal of this piece of legislation is to make a simple fix to offer all of our veterans the same benefit whether they own a home or live in a continuing care retirement community”.
Specifically, this bill (A-3163) would extend the $250 property tax deduction and the total property tax exemption that is currently granted to honorably discharged veterans as well as their surviving spouses on the homes they own, to residential units in continuing care retirement communities.
“Many veterans are discharged and end up experiencing significant financial hardships,” said Downey (D-Monmouth). “This bill will help veterans and their families by giving them just a little extra assistance to live in communities that can give them the care they not only need, but deserve.”
Veterans and their surviving spouses living in these communities currently do not qualify for this deduction or exemption because they do not own the units they are living in.
This bill would not take effect until the approval by the voters of a constitutional amendment authorizing veterans honorably discharged or released under honorable circumstances from active service in time of war who are residents of continuing care retirement communities and their surviving spouses to receive the veterans’ property tax deduction and the veterans’ total property tax exemption.