Permits short-term tax exemption for certain improvements to dwellings damaged by natural disasters.
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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 would allow New Jersey municipalities to temporarily exempt certain improvements to dwellings damaged by natural disasters from property taxes. To qualify, an area must be designated as ‘in need of rehabilitation,’ based on criteria like deteriorated housing stock, vacancy rates, or environmental contamination. The bill also outlines how assessors should account for increased property values resulting from these improvements during the exemption period, and clarifies that property tax notices must include the value of any applicable exemptions.
Bill text
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Document of record
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- Introduced
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Sponsors
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2 on record
Primary sponsor
James Holzapfel
Cosponsor
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