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Bill > A455
NJ A455
NJ A455Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.
summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill would require the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties such as guardians, trustees, executors, and administrators in the promulgation of a table of equalized valuations, for the purposes of establishing local tax assessments. Currently, such sales are not considered usable, because they are not "arms-length transfers" and therefore not considered to be true market-transaction indicators of fair market value. However, because the majority of sales of properties in age-restricted developments are transacted by third parties who have been entrusted by senior citizens with these transactions, this exclusion places an unfair burden on the residents of age-restricted communities.
AI Summary
This bill would require the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties, such as guardians, trustees, executors, and administrators, in the promulgation of a table of equalized valuations for the purposes of establishing local tax assessments. Currently, such sales are not considered usable because they are not "arms-length transfers" and therefore not considered true market-transaction indicators of fair market value. However, the bill argues that the majority of sales in age-restricted communities are transacted by third parties on behalf of senior citizens, and excluding these sales places an unfair burden on the residents of these communities.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 01/14/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/A455 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/A0500/455_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/A0500/455_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/A0500/455_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/A0500/455_I1.PDF |
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