Bill
Bill > S2701
summary
Introduced
02/12/2024
02/12/2024
In Committee
02/12/2024
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, and the maximum levy is limited to the lower of the two. This bill changes this provision to allow the county's maximum levy to be the greater of the two calculated amounts. The bill also makes some technical changes to the language of the existing law.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Transferred to Senate Budget and Appropriations Committee (on 02/22/2024)
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/S2701 |
| BillText | https://pub.njleg.gov/Bills/2024/S3000/2701_I1.HTM |
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