Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires the Director of the Division of Taxation to include sales of properties in age-restricted developments, even when sold by third parties like guardians or trustees, in the state’s table of equalized valuations. This table is used to determine local tax assessments. Currently, sales by these third parties are not included, which the bill aims to correct to ensure fairer tax assessments for residents of age-restricted communities.
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Document of record
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Sponsors
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1 on record
Primary sponsor
James Holzapfel
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