A 4953
Requires municipalities to share certain payments received in lieu of property taxes with school districts; informs counties and school districts of application for property tax exemption.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires New Jersey municipalities to share certain payments they receive in lieu of property taxes (often from tax increment financing) with school districts. It also mandates that counties and school districts are informed when a municipality applies for a property tax exemption. The bill amends existing legislation to clarify how these payments are calculated and to ensure transparency in the process.
Sponsors
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Primary sponsor
Vincent Kearney
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