New Jersey A1224 limits long-term tax exemptions for municipalities with school districts receiving certain state school aid.

New Jersey A1224 amends the "Long Term Tax Exemption Law" to prohibit property tax exemptions for school purposes for financial agreements in municipalities with school districts receiving certain state school aid. The bill specifies that these school districts are those that received education opportunity aid or preschool expansion in the 2007-2008 school year, often referred to as "Abbott districts." The annual service charge for municipal services supplied to the project will be determined based on the value of the land and improvements, with staged adjustments over the exemption period.

New Jersey A1224 limits long-term tax exemptions for municipalities with school districts receiving certain state school aid.

New Jersey A1224 amends the "Long Term Tax Exemption Law" to prohibit property tax exemptions for school purposes for financial agreements in municipalities with school districts receiving certain state school aid. The bill specifies that these school districts are those that received education opportunity aid or preschool expansion in the 2007-2008 school year, often referred to as "Abbott districts." The annual service charge for municipal services supplied to the project will be determined based on the value of the land and improvements, with staged adjustments over the exemption period.