New Jersey A3217 establishes a fund to provide State aid to municipalities in the Highlands preservation area.
New Jersey A3217 creates the "Highlands Preservation Area Municipal Property Tax Relief Fund" to provide State aid to municipalities in the Highlands preservation area. The fund will receive credits from the "Highlands Protection Fund" and distribute aid to qualified municipalities, defined as those entirely in the Highlands preservation area or with at least 60% of their land in the area. The aid compensates for declines in the true value of vacant land due to development restrictions.
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