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  • NJ A522
  • Exempts certain properties acquired by municipalities from county, school, and fire district taxes immediately upon aquisition.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would exempt real property acquired by municipalities as part of a flood-prone property acquisition program from county, school, and fire district taxes immediately upon acquisition. Currently, if a municipality acquires such property prior to October 1, it must pay the county, school, and fire district taxes owed for the remainder of that tax year, and if the property is acquired after October 1, it must pay the county, school, and fire district taxes owed for the remainder of that tax year and for all of the following tax year. A municipality must make these payments out of its own tax dollars because that property is no longer generating property tax revenues on the tax rolls. Eliminating this municipal tax responsibility would help make sure that municipalities, which already face substantial budget constraints, do not feel forced to forego grants for the acquisition of properties in flood-prone areas out of concern for its own tax payment liabilities. Under the bill the municipality is required to reimburse the property owner, not later 15 days after the next regular meeting of the governing body of the municipality following acquisition of the parcel of real property by the municipality, for any taxes paid by the property owner beyond the date of acquisition, for the current tax year either in full, or for a period beyond the date of acquisition of the property by the municipality. The bill makes the exemption retroactive to October 29, 2012, the date on which Superstorm Sandy made landfall in New Jersey, so that post-Sandy blue acres municipal acquisitions qualify for the immediate property tax exemption provided in the bill. The bill also provides that a municipality may credit any property taxes already paid to a county, school district, or fire district on qualified real property before the enactment of the bill, but after its retroactive date, against the next installment of taxes due to the county, school district, or fire district.
Not specified
Introduced, Referred to Assembly State and Local Government Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly State and Local Government Committee
Date Motion Yea Nay Other
None specified