Bill > S1807

This bill requires municipalities to share a portion of payments received in lieu of property taxes with their local school districts, and also mandates that counties, school districts, and the Department of Community Affairs (DCA) be informed about certain property tax exemptions and abatements. Specifically, when an urban renewal entity applies for project approval, copies of the application must be provided to the county's chief executive officer and board of chosen freeholders, as well as the school district's board of education and superintendent, with the school district's superintendent leading negotiations for potential agreements. Furthermore, financial agreements for tax exemptions must now include a certification from the urban renewal entity detailing the number of school-age children residing in the project who attend public school, and copies of these agreements, along with auditor's reports, must be sent to the DCA for public posting. The bill also clarifies that revenue from these payments in lieu of taxes must be used to reduce local property tax levies for municipal, county, and school district purposes, and establishes a framework for how these payments are calculated and distributed to school districts, including provisions for residential and non-residential projects, and specific rules for regional school districts. Finally, municipalities must now provide copies of ordinances related to property tax exemptions and abatements to the DCA for posting online.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2026/S1807