Bill Text: NJ A4578 | 2016-2017 | Regular Session | Introduced

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Bill Title: Prohibits certain property from receiving property tax exemption or abatement.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-02-13 - Introduced, Referred to Assembly Housing and Community Development Committee [A4578 Detail]

Download: New_Jersey-2016-A4578-Introduced.html

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ASSEMBLY, No. 4578

STATE OF NEW JERSEY

217th LEGISLATURE

 

INTRODUCED FEBRUARY 13, 2017

 

 

Sponsored by:

Assemblywoman  HOLLY SCHEPISI

District 39 (Bergen and Passaic)

 

 

 

 

SYNOPSIS

     Prohibits certain property from receiving property tax exemption or abatement. 

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act concerning State incentive programs and areas in need of redevelopment or rehabilitation, and supplementing P.L.1991, c.431 (C.40A:20-1 et seq.) and P.L.1991, c.441 (C.40A:21-1 et seq.). 

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    No property which was the subject of any benefit provided pursuant to the "Grow New Jersey Assistance Act," P.L.2011, c.149 (C.34:1B-242 et seq.), or the "New Jersey Economic Stimulus Act of 2009," P.L.2009, c.90 (C.52:27D-489a et al.), shall be eligible for a property tax exemption under the "Long Term Tax Exemption Law," P.L.1991, c.431 (C.40A:20-1 et seq.). 

 

     2.    No property which was the subject of any benefit provided pursuant to the "Grow New Jersey Assistance Act," P.L.2011, c.149 (C.34:1B-242 et seq.), or the "New Jersey Economic Stimulus Act of 2009," P.L.2009, c.90 (C.52:27D-489a et al.), shall be eligible for an exemption or abatement under the "Five-Year Exemption and Abatement Law," P.L.1991, c.441 (C.40A:21-1 et seq.). 

 

     3.    This act shall take effect immediately.

 

STATEMENT

 

     This bill would prohibit a property which was developed using benefits from the "Grow New Jersey Assistance Act" or the "New Jersey Economic Stimulus Act of 2009" from receiving a property tax exemption under the "Five-Year Exemption and Abatement Law," or the "Long Term Tax Exemption Law."  These types of properties and their owners have already benefitted from public dollars to increase the value of their investment, and there is no need for municipalities to provide additional benefits available through the law.