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  • NJ A399
  • Authorizes issuance of special emergency notes to finance special emergency appropriations for payment of current year property assessment appeal refunds over three years.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would authorize municipalities to use special emergency appropriations to pay current year real property assessment appeal refunds. Under current law (P.L.1961, c.22; N.J.S.A.40A:4-55.1 et seq.), when any such appropriation is financed from surplus funds available, at least 1/3 of the amount of the appropriation must be included in each annual budget until the appropriation has been fully provided for. If the appropriation is paid using special emergency notes, at least 1/3 of the notes, and any renewal of the notes must mature and be paid in each year, so that all notes and renewals have matured and been paid not later than the last day of the third year following the date of the emergency resolution. The provisions of this bill are intended to address the difficulty many municipalities have faced in funding the cost of current year assessment appeal refunds. The sponsor intends that the ability to fund such expenses over a three-year period will minimize the financial effect of a large number of assessment appeal refunds on a municipality and its property taxpayers.
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