New Jersey bill A5601 mandates that municipal tax collectors share a portion of payments in lieu of taxes with school districts.
Assembly Bill A5601 amends the "Long Term Tax Exemption Law" to require municipalities to share a portion of the annual service charge, which is a payment in lieu of taxes, with school districts. The bill specifies that municipalities must remit a percentage of the annual service charge to the county and school districts, including regional school districts. Additionally, the bill mandates that when a municipality considers a property tax exemption, it must notify the county, school districts, and the Department of Community Affairs.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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