TRENTON – The Senate Community and Urban Affairs Committee advanced a concurrent resolution sponsored by Senators Troy Singleton and Nilsa Cruz-Perez proposing a constitutional amendment to increase the amount of the veterans’ property tax deduction from $250 to $2,500 over the next four years.

“Our state’s constitution provides for a property tax deduction for honorably discharged veterans, a benefit made in recognition of their service and sacrifice for our country,” said Senator Singleton (D-Burlington), the Chair of the Senate Community and Urban Affairs Committee. “The last time voters approved an increase to the benefit was last century, in 1999. With increases to both property taxes and inflation, that benefit is no longer worth what it once was, and it is past time to re-evaluate the amount to give veterans the recognition they deserve.”

The proposed constitutional amendment would increase the veterans’ property tax deduction from $250 to $1,000 in tax year 2025, $1,500 in tax year 2026, $2,000 in tax year 2027, and $2,500 in tax year 2028 and each year thereafter. When voters last approved such an increase in 1999, from $50 to $250, it was similarly phased in over a period of four years.

“All of our veterans deserve our gratitude, and an increase to the veterans’ property tax deduction will help to demonstrate that gratitude in more than just words,” said Senator Cruz-Perez (D-Camden/Gloucester), who is also a veteran who served in the U.S. Army. “The voters saw fit to instill such a deduction into our constitution, and I believe they will similarly see fit to increase the deduction to reflect the economic changes that have taken place over the last twenty-five years.”

The resolution was advanced by the Committee in a unanimous vote.