NJ A1040

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
01/09/2024

In Committee
01/09/2024

Crossed Over

Passed

Dead
01/12/2026

Introduced Session

2024-2025 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 requires 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 majority of sales in age-restricted communities are transacted by third parties entrusted by senior citizens, and excluding these sales places an unfair burden on residents of these communities.

Committee Categories

Government Affairs

Sponsors (2)

Paul Kanitra (R)*, Greg McGuckin (R)*,

Last Action

Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)

Official Document

https://www.njleg.state.nj.us/bill-search/2024/A1040

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2024/A1040
BillText	https://pub.njleg.gov/Bills/2024/A1500/1040_I1.HTM

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	Carry Over
S464	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	Same As
S851	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 > A1040

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

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