S.1955

Limits the amount of real property exempt from property taxation under the "Long Term Tax Exemption Law.

New Jersey S1955 amends the "Long Term Tax Exemption Law" to limit the amount of real property that can be exempt from property taxation. The bill sets a cap on the total value of property that can be exempted, calculated as a percentage of the municipality's net valuation taxable. It also mandates that municipalities with a long-term tax exemption threshold above five percent cannot enter into further financial agreements until the threshold drops below this limit.