Bill
Bill > A787
NJ A787
NJ A787Permits short-term tax exemption for certain improvements to dwellings damaged by natural disasters.
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 amend the "Five-Year Exemption and Abatement Law," P.L.1991, c.441 (C.40A:21-1 et seq.) to permit a municipality to adopt an ordinance declaring an area to be in need of rehabilitation for the purposes of Article VIII, Section I, paragraph 6 of the New Jersey Constitution if dwellings within the area were damaged by a natural disaster for which a state of emergency has been declared by the President of the United States or the Governor. Under that constitutional provision, municipalities, by ordinance, may provide property taxpayers a property tax exemption on dwellings in areas in need of rehabilitation for a period of five years. Under the bill, an ordinance so adopted would have to require that, in determining the value of an exemption, the assessor shall consider the additional value to those dwellings that is directly attributable to the additional space under those dwellings created by the elevation of those dwellings as not increasing the taxable value of those properties for a period of five years, notwithstanding that the market value of the real property to which the improvements are made is increased thereby. The ordinance may provide for a reduction of the exemption for each year of the exemption period. The bill also clarifies that during the exemption period, increases in value to dwellings that are not directly attributable to the additional space under dwellings created by the elevation of those dwellings, and which increase the value of those dwellings, must be reflected in the assessed value of those dwellings.
AI Summary
This bill would amend the "Five-Year Exemption and Abatement Law" to permit a municipality to adopt an ordinance declaring an area in need of rehabilitation if dwellings within the area were damaged by a natural disaster for which a state of emergency has been declared. Under this provision, the municipality could provide a property tax exemption for a period of five years on the additional value directly attributable to the elevation of the damaged dwellings, even though the overall market value of the properties may increase. The bill also requires the assessor to notify taxpayers of the value of this exemption and any abatement or exemption attributable to the elevation of the dwelling.
Committee Categories
Government Affairs
Sponsors (3)
Last Action
Introduced, Referred to Assembly Community Development and Women's 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 |
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State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A787 |
BillText | https://pub.njleg.gov/Bills/2024/A1000/787_I1.HTM |
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