Bill
Bill > S2102
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill would prohibit a property which was developed using benefits from the "Grow New Jersey Assistance Act" or the "New Jersey Economic Stimulus Act of 2009" from receiving a property tax exemption under the "Five-Year Exemption and Abatement Law," or the "Long Term Tax Exemption Law." These types of properties and their owners have already benefitted from public dollars to increase the value of their investment, and there is no need for municipalities to provide additional benefits available through the law.
AI Summary
This bill prohibits properties that were developed using benefits from the "Grow New Jersey Assistance Act" or the "New Jersey Economic Stimulus Act of 2009" from receiving property tax exemptions or abatements under the "Long Term Tax Exemption Law" or the "Five-Year Exemption and Abatement Law." The rationale is that these properties and their owners have already benefited from public dollars to increase the value of their investment, and therefore there is no need for municipalities to provide them with additional tax benefits.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)
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/2024/S2102 |
| BillText | https://pub.njleg.gov/Bills/2024/S2500/2102_I1.HTM |
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