A bill that would allow active-duty military personnel to defer property tax payments during a time of war and for three months after their return was approved Monday by the Senate Community and Urban Affairs Committee.
Under the legislation (S-925), property taxes would be due on the first day following the 90-day grace period. Interest would be applied to any past-due balance after that time period. The measure would require an eligible taxpayer or someone acting on their behalf to apply to the local tax collector for the deferment. To avoid an unfunded mandate, the state would pay cities and towns for the amount of property taxes deferred, plus 2 percent, under the bill. Municipal governments would refund the state in installments when deferred payments are received.
"The men and women serving our country, especially in a time of war, should not have to worry about property tax bills back home," Sen. Jeff Van Drew (D-Cape May), the committee chairman, said. "This measure will give our troops some financial peace of mind while they are deployed, and time to settle in when they return home, before they have to pull out the checkbook to pay their property taxes."
The proposal now heads to the Senate Budget and Appropriations Committee for consideration.
— TOM HESTER SR., NEWJERSEYNEWSROOM.COM