New Jersey S464 mandates the inclusion of property sales in age-restricted developments by third parties in the table of equalized valuations.
New Jersey S464 amends existing law to require the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties, such as guardians, trustees, executors, and administrators, in the table of equalized valuations. This change aims to ensure that such sales, which are currently excluded due to not being considered "arms-length transfers," are factored into local tax assessments. The bill seeks to address the perceived unfairness of excluding these sales, which disproportionately affect residents of age-restricted communities.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.