Bill > A136

This bill revises the Highlands Property Tax Stabilization Program to provide direct property tax relief to residents in qualified municipalities. The key provisions are: 1. The bill requires the distribution of stabilization aid to reflect all elements of the property tax bill, with the tax credit rate being multiplied by the taxable value for each taxable line item and deducted from the total taxes due. 2. The tax credit rate and amount of the Highlands Property Tax Stabilization Credit will be displayed on the tax bill. 3. The State Treasurer will reimburse qualified municipalities and county tax boards for costs incurred in conducting reassessments and processing appeals related to vacant land. 4. The bill removes the provision that would have phased out the program over 10 years, making it a permanent property tax relief measure.

Agriculture and Natural Resources

https://www.njleg.state.nj.us/bill-search/2022/A136