Bill > A944

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 true market-transaction indicators of fair market value. However, the bill argues that since 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.

Housing and Urban Affairs