New Jersey A4399 requires municipalities within regional school districts to share payments received in lieu of taxes with counties and regional.
New Jersey A4399 amends existing law to require municipalities within regional school districts to share certain payments received in lieu of taxes with counties and regional school districts. Specifically, upon receiving payments in lieu of taxation from urban renewal entities, municipalities must distribute a portion of these amounts to the county and regional school district. The distribution is based on the prior year's tax bill. This bill ensures that these entities receive a share of the revenue that would otherwise come from property taxes.
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