A proposal by Senators Jennifer Beck (R- Monmouth) and Robert W. Singer (R- Ocean) to extend tax benefits to eligible veterans residing in continuing care retirement communities has been approved by the Senate Community and Urban Affairs Committee.
SCR-130 amends the state constitution to extend the state’s current veterans property tax deduction and disabled veterans property tax exemption to residents of qualifying residential health care facilities.
“Very much as they do for apartment dwellers, property taxes factor in to the cost of staying at a continuing care retirement community,” said Beck. “Veterans who have given so much of themselves in service to our country should not be denied the financial benefits their peers receive simply because of the medical necessity of their living arrangements.”
Under current law, honorably discharged veterans who own a home and served in a qualifying combat zone receive a $250 property tax deduction, while those that are deemed “totally and permanently disabled” are exempt from property taxes altogether. If approved by the voters, Beck and Singer’s amendment would make qualifying veterans eligible for a $250 payment from the municipality in which their continuing care residence is located. Disabled veterans would receive a payment equal to their share of their retirement community’s property tax bill.
“The property taxes paid by a continuing care retirement community are passed on to residents,” said Senator Singer. “By and large, the veterans we are talking about live on fixed incomes and struggle mightily with the high cost of living in our state. They are deserving of this assistance.”