A5228

New Jersey A5228 requires municipal tax collectors to share a portion of payments in lieu of taxes with school districts under the Long Term Tax.

New Jersey A5228 amends the Long Term Tax Exemption Law to require municipal tax collectors to share a portion of payments in lieu of taxes with school districts. Specifically, the bill mandates that municipalities remit a percentage of the annual service charge to school districts, including regional school districts, as part of financial agreements for property tax exemptions. The bill also requires notice to be provided to the county, school districts, and the Department of Community Affairs when a municipality considers and approves a property tax exemption.