A5596

New Jersey A5596 allows municipalities to adjust open space tax rates by ordinance instead of referendum if property revaluation lowers average tax.

New Jersey A5596, the "Open Space Tax Revaluation Fairness Act," modifies how municipalities can adjust their open space tax rates. The bill allows the governing body of a municipality to reduce the tax rate by ordinance, rather than through a referendum, if a revaluation or reassessment of real property results in a lower average municipal property tax rate. The reduction must be proportional to the decrease in the average tax rate.