Bill > A1637

Introduced Session

This bill would limit the amount of real property that can be property tax exempt under the "Long Term Tax Exemption Law." The bill would require that the governing body of a municipality in which the long term tax exemption threshold is greater than 5 percent of the sum of the municipality's net valuation taxable and the value of properties already exempted under the "Long Term Tax Exemption Law," shall not enter into any further financial agreements while that threshold remains above 5 percent. The long term tax exemption threshold is calculated by dividing the value of property already subject to a financial agreement, by the sum of the value of property already subject to a financial agreement plus the net valuation taxable, and that quotient multiplied by 100. If a tax exemption under the "Long Term Tax Exemption is denied because the municipality's long term tax exemption threshold is greater than 5 percent, but in a later year, the municipality's long term tax exemption threshold becomes lower than 5 percent, the municipality may at its sole discretion permit the tax exemption upon reapplication to the extent that the tax exemption does not increase the municipality's long term tax exemption threshold past the 5 percent limit.

Committee Categories

Holly Schepisi (R)*,  Edward Thomson (R)*, 

Introduced, Referred to Assembly Housing and Community Development Committee (on 01/09/2018)