New Jersey S4625 establishes a fund to provide State aid to municipalities in the Highlands preservation area.
New Jersey S4625 creates the "Highlands Preservation Area Municipal Property Tax Relief Fund" to provide State aid to municipalities in the Highlands preservation area. The fund will receive credits from the "Highlands Protection Fund" to compensate for declines in the true value of vacant land due to development restrictions. Payments will be made in two equal installments. The bill repeals section 19 of P.L.2004, c.120.
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