Bill > A157

Introduced Session

This bill would amend the "Long Term Tax Exemption Law," P.L.1991, c.431 (C.40A:20-1 et seq.) to prohibit the exemption of property taxes for school purposes for any project for which a long term tax exemption is sought by an urban renewal entity after the effective date of the bill. The exemption of property taxes for school purposes on real property subject to a long term property tax exemption under the "Long Term Tax Exemption Law" requires that the property tax levy for school purposes be allocated among all property taxpayers whose property is not subject to such a property tax exemption, thereby increasing their property tax burden. The purpose of this bill is to prevent these circumstances from occurring as the result of property tax exemptions granted after the effective date of the bill.

AI Summary

Committee Categories

Dawn Fantasia (R)*,  Michael Inganamort (R)*, 

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

Official Document