Bill > S2799

This bill amends existing New Jersey law concerning relocation assistance provided by a "taking agency," which is an entity acquiring real property for public use, to ensure that these payments keep pace with inflation. Specifically, it increases the maximum amounts for various relocation payments, including moving expenses, dislocation allowances for individuals, and fixed payments for businesses and farms. It also raises the additional payments available to displaced homeowners for purchasing replacement dwellings. Crucially, starting 36 months after the bill becomes law, all these payment amounts will be automatically adjusted each year based on changes in the Consumer Price Index for All Urban Consumers (CPI-U), a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.