Provides for direct property tax relief from Highlands Property Tax Stabilization Fund.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to provide direct property tax relief to residents in municipalities within the Highlands region of New Jersey through the Highlands Property Tax Stabilization Fund. It modifies the existing fund to allocate resources specifically to reduce property taxes for qualified municipalities impacted by the Highlands Water Protection and Planning Act. The bill establishes a board to determine valuation bases and distribute aid, and it adjusts the distribution formula to reflect changes in vacant land values. The program is intended to provide ongoing property tax stabilization aid.
Bill text
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Document of record
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Sponsors
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3 on record
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