New Jersey S79 requires the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties in.

New Jersey S79 amends the law to require the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties, such as guardians, trustees, executors, and administrators, in the table of equalized valuations. Currently, these sales are excluded because they are not considered "arms-length transfers." This change aims to ensure that the table of equalized valuations reflects true market value, thereby affecting local tax assessments. The bill takes effect immediately upon enactment.

New Jersey S79 requires the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties in.

New Jersey S79 amends the law to require the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties, such as guardians, trustees, executors, and administrators, in the table of equalized valuations. Currently, these sales are excluded because they are not considered "arms-length transfers." This change aims to ensure that the table of equalized valuations reflects true market value, thereby affecting local tax assessments. The bill takes effect immediately upon enactment.