Bill Text: NJ S2279 | 2010-2011 | Regular Session | Introduced

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Bill Title: Revises standard of value for the purposes of real property assessment where property owner is responsible for environmental damage to real property.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-09-20 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S2279 Detail]

Download: New_Jersey-2010-S2279-Introduced.html

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SENATE, No. 2279

STATE OF NEW JERSEY

214th LEGISLATURE

 

INTRODUCED SEPTEMBER 20, 2010

 

 

Sponsored by:

Senator  JOSEPH F. VITALE

District 19 (Middlesex)

 

 

 

 

SYNOPSIS

     Revises standard of value for the purposes of real property assessment where property owner is responsible for environmental damage to real property.

 

CURRENT VERSION OF TEXT

     As introduced.

  

An Act concerning the standard of value for the assessment of real property and amending P.L.1960, c.51.

 

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

 

     1.    Section 1 of P.L.1960, c.51 (C.54:4-2.25) is amended to read as follows:

     1.    All real property subject to assessment and taxation for local use shall be assessed according to the same standard of value, which shall be the true value of such real property and the assessment shall be expressed in terms of the taxable value of such property, which taxable value shall be that percentage of  true value as shall be established by each county board of taxation as the level of taxable value to be applied uniformly throughout the county.

     For the purposes of this section, the true value of a parcel of real property contaminated with a hazardous substance, as defined pursuant to section 3 of P.L.1976, c.141 (C.58:10-23.11b), where the Department of Environmental Protection or any successor agency thereto has determined that the owner of the parcel of real property is the person who has discharged a hazardous substance on the property or is in any way responsible for a hazardous substance that has been discharged on the property, pursuant to section 8 of P.L.1976, c.141 (C.58:10-23.11g), shall be its value as if it were remediated.

(cf:  P.L.1960, c.51, s.1)

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill would require that where the Department of Environmental Protection or any successor agency thereto has determined that the owner of a parcel of real property is the person who has discharged a hazardous substance on the property or is in any way responsible for a hazardous substance that has been discharged on the property, pursuant to section 8 of P.L.1976, c.141 (C.58:10-23.11g), the true value of the parcel of real property for purposes of assessment and taxation shall be its value as if it were remediated.