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Bill > A151
NJ A151
NJ A151Prohibits exemption of school purposes property taxes under "Long Term Tax Exemption Law."
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 Regular Session
Bill Summary
This bill would amend the "Long Term Tax Exemption Law," P.L.1991, c.431 (C.40A:20-1 et seq.) to prohibit the exemption of property taxes for school purposes for any project for which a long term tax exemption is sought by an urban renewal entity after the effective date of the bill. The exemption of property taxes for school purposes on real property subject to a long term property tax exemption under the "Long Term Tax Exemption Law" requires that the property tax levy for school purposes be allocated among all property taxpayers whose property is not subject to such a property tax exemption, thereby increasing their property tax burden. The purpose of this bill is to prevent these circumstances from occurring as the result of property tax exemptions granted after the effective date of the bill.
AI Summary
This bill amends the "Long Term Tax Exemption Law" to prevent urban renewal entities from receiving property tax exemptions for school purposes on projects approved after the bill's effective date. Currently, under this law, certain properties developed by urban renewal entities can be exempt from property taxes for a set period as part of a financial agreement with a municipality. This exemption, however, shifts the burden of school property taxes onto other taxpayers in the municipality. The bill aims to close this loophole by prohibiting future long-term tax exemptions from covering school taxes, thereby ensuring that school funding is not negatively impacted by these exemptions.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
Introduced, Referred to Assembly State and Local Government Committee (on 01/13/2026)
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/2026/A151 |
| BillText | https://pub.njleg.gov/Bills/2026/A0500/151_I1.HTM |
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