NJ S79

Bill

Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.

Introduced
01/13/2026

In Committee
01/13/2026

Crossed Over

Passed

Dead

Introduced Session

2026-2027 Regular Session

Bill Summary

This bill would require the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties such as guardians, trustees, executors, and administrators in the promulgation of a table of equalized valuations, for the purposes of establishing local tax assessments. Currently, such sales are not considered usable, because they are not "arms-length transfers" and therefore not considered to be truemarket-transaction indicators of fair market value. However, because the majority of sales of properties in age-restricted developments are transacted by third parties who have been entrusted by senior citizens with these transactions, this exclusion places an unfair burden on the residents of age-restricted communities.

AI Summary

This bill requires the Director of the Division of Taxation to include sales of properties in age-restricted developments that are handled by third parties, such as guardians, trustees, executors, and administrators, when creating a table of equalized valuations. This table is used to determine local property tax assessments. Previously, these types of sales were not considered valid indicators of true market value because they weren't "arms-length transfers," meaning the buyer and seller weren't acting independently. However, the bill recognizes that many seniors in age-restricted communities rely on these third parties to manage property sales, and excluding these transactions unfairly burdens residents of these communities by not accurately reflecting the property values for tax purposes.

Committee Categories

Housing and Urban Affairs

Sponsors (1)

Jim Holzapfel (R)*,

Last Action

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/13/2026)

Official Document

https://www.njleg.state.nj.us/bill-search/2026/S79

(3 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.njleg.state.nj.us/bill-search/2026/S79
BillText	https://pub.njleg.gov/Bills/2026/S0500/79_I1.HTM

Bill	Bill Name	Last Action	Type
A1040	Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.	Introduced, Referred to Assembly State and Local Government Committee	Carry Over
A263	Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.	Introduced, Referred to Assembly State and Local Government Committee	Same As
S464	Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.	Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee	Carry Over

Bill > S79

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary