New Jersey S79 requires the Director of the Division of Taxation to include sales of properties in age-restricted developments by third parties in.
New Jersey S79 amends the 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. Currently, these sales are excluded because they are not considered "arms-length transfers." This change aims to ensure that the table of equalized valuations reflects true market value, thereby affecting local tax assessments. The bill takes effect immediately upon enactment.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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