Bill
Bill > A5868
NJ A5868
NJ A5868Allows projects supported by State or municipal affordable housing trust fund to be exempt from property tax and to instead contribute to municipal services by making payments in lieu of taxation.
summary
Introduced
12/07/2023
12/07/2023
In Committee
12/11/2023
12/11/2023
Crossed Over
01/08/2024
01/08/2024
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Allows projects supported by State or municipal affordable housing trust fund to be exempt from property tax and to instead contribute to municipal services by making payments in lieu of taxation.
AI Summary
This bill allows projects supported by State or municipal affordable housing trust funds to be exempt from property tax and instead contribute to municipal services by making payments in lieu of taxation. The bill also allows municipalities to continue tax exemptions for certain State, federally, or municipally subsidized housing projects beyond the date when an eligible loan is fully paid or a tax exemption expires, as long as the projects remain subject to affordability controls.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Passed by the Assembly (70-6-0) (on 01/08/2024)
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/2022/A5868 |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5868_R1.HTM |
| Analysis - Statement AHO 12/11/23 | https://pub.njleg.gov/Bills/2022/A6000/5868_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A6000/5868_I1.HTM |
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