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Bill > A3704

NJ A3704

NJ A3704
Revises calculation of maximum allowable annual increase to county tax levy.

summary

Introduced
02/12/2024
In Committee
02/12/2024
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill modifies the process for calculating the county property tax levy. Under current law, counties are required to calculate the annual property tax levy using two different statutory formulas. One formula for calculating the property tax levy is established pursuant to N.J.S.40A:4-45.4 and another formulas is established pursuant to N.J.S.40A:4-45.45. The calculations performed using these two formulas generally result in the two different county property tax levy amounts. In this circumstance, current law provides that the maximum permitted county tax levy may not exceed the lower of those two calculations. This bill revises this provision of law and instead provides that a county's maximum permitted property tax levy may not exceed the greater of these two calculations.

AI Summary

This bill revises the process for calculating the maximum allowable annual increase to a county's property tax levy. Under current law, counties must calculate the levy using two different statutory formulas, with the maximum levy capped at the lower of the two amounts. This bill changes this provision and instead allows the county to use the greater of the two calculated amounts as the maximum levy. The bill also makes technical changes to the existing law related to the calculation of the adjusted tax levy and exclusions to that calculation.

Committee Categories

Government Affairs

Sponsors (4)

Last Action

Introduced, Referred to Assembly State and Local Government Committee (on 02/12/2024)
(1 Companion Bills)

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/A3704
BillText https://pub.njleg.gov/Bills/2024/A4000/3704_I1.HTM
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