New Jersey A151 prohibits exemption of school purposes property taxes for projects under the "Long Term Tax Exemption Law.

New Jersey A151 amends the "Long Term Tax Exemption Law" to prevent the exemption of property taxes for school purposes for any project seeking a long term tax exemption by an urban renewal entity after the bill's effective date. The law currently allows for such exemptions, but this bill seeks to change that by ensuring that school purposes property taxes are not exempted for any new projects. This change aims to prevent the increased property tax burden on other taxpayers due to the exemption of school purposes property taxes.

New Jersey A151 prohibits exemption of school purposes property taxes for projects under the "Long Term Tax Exemption Law.

New Jersey A151 amends the "Long Term Tax Exemption Law" to prevent the exemption of property taxes for school purposes for any project seeking a long term tax exemption by an urban renewal entity after the bill's effective date. The law currently allows for such exemptions, but this bill seeks to change that by ensuring that school purposes property taxes are not exempted for any new projects. This change aims to prevent the increased property tax burden on other taxpayers due to the exemption of school purposes property taxes.