[NFBNJ] NJ Veterans Tax Info

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Veterans New Jersey Tax Info





Q. I was informed by my Army buddies that New Jersey will be reducing my 
property tax by $3,000 because of my veteran status. Is there any truth to 
this? As I am already receiving a $250 deduction, will I have to re-apply to 
receive the larger benefit or will it happen automatically? -- Vet A. Your 
buddies are right that you may qualify for $3,000 in savings on your 2017 
tax return. As part of the legislation that raised the New Jersey gas tax, 
honorably discharged veterans are eligible to receive a $3,000 exemption 
effective with the filing of 2017 income tax returns, said Claudia Mott, a 
certified financial planner with Epona Financial Solutions in Basking Ridge. 
This new benefit isn't a property tax deduction, but an offset against 
earned income and can be combined with any other exemptions you are entitled 
to claim, Mott said. "The statue defines a veteran as one who has been 
'honorably discharged or released under honorable circumstances from active 
duty in the Armed Forces of the United States, a reserve component thereof, 
or the National Guard of New Jersey in a federal status,'" she said. "The 
$250 property tax deduction remains available to those veterans who are New 
Jersey residents and own a home. According to the N.J. Division of Taxation 
website, your eligibility will need to be certified in order to claim the 
exemption. You can get the Veteran Income Tax Exemption Submission Form on 
the state's website. Then you'll also need documentation your DD-214, 
Certificate of Release or Discharge from Active Duty, which shows you were 
honorably discharged, Mott said. These documents can be submitted with a 
secure document upload, via mail or fax. "The Division of Taxation will 
provide a letter confirming your eligibility once your documents are 
verified," Mott said. "The letter and DD-214 can accompany your tax return 
when it is filed. Also be aware that there will be a box or oval on the 
state return which must be completed to claim the exemption. "In the event 
you don't go through the certification process in advance, you may submit 
the Veterans Exemption Submission form and a copy of your discharge papers 
when you file your New Jersey state return and your eligibility will be 
evaluated at that time," Mott said. Email your questions to 
Ask at NJMoneyHelp.com . Karin Price Mueller writes the Bamboozled column for 
NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp 
on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for 
NJMoneyHelp.com's weekly e-newsletter.


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