Bill > S2969

This bill amends existing laws to provide counties with more discretion related to the retirement of county debt service and the amount that can be raised under the property tax levy cap. Specifically, it allows counties that increase their final appropriations or county tax levy by less than 3.5% in a given year to appropriate the difference between the actual amount and the 3.5% rate as an exception to the final appropriations or county tax levy in either of the next two succeeding years. It also allows counties to add to their adjusted tax levy the greater of the amount authorized under this provision or the amount of the difference between the maximum allowable amount to be raised by the county purposes tax and the actual amount to be raised, which can accumulate over time. The bill applies to local budget years beginning on or after January 1, 2024.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/S2969