NJ S851

Bill

Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.

Introduced
01/18/2022

In Committee
01/18/2022

Crossed Over

Passed

Dead
01/08/2024

Introduced Session

2022-2023 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, which is used to establish 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, the bill recognizes that 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, and this exclusion places an unfair burden on the residents of age-restricted communities.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

Jim Holzapfel (R)*,

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/18/2022)

Official Document

https://www.njleg.state.nj.us/bill-search/2022/S851

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2022/S851
BillText	https://www.njleg.state.nj.us/Bills/2022/S1000/851_I1.HTM
Bill	https://www.njleg.state.nj.us/Bills/2022/S1000/851_I1.PDF

Bill	Bill Name	Last Action	Type
A1637	Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.	Introduced, Referred to Assembly State and Local Government Committee	Same As
S1450	Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.	Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee	Carry Over

Bill > S851

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary