New Jersey Senate Bill S1432

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Establishes additional municipal review processes and procedures related to development of certain large warehouses; requires certain real property revaluations and reassessments.

Impact

The legislation dictates that if the municipality's development regulations have not been updated in the past 12 months, a special reexamination report must be prepared and delivered to the governing body within 90 days of receiving an application. Municipalities will also need to amend their development regulations according to this report, thereby delaying the completion timeframe for applications as the process for determining the completeness of these applications is set to be postponed until certain conditions are met.

Summary

Senate Bill S1432 focuses on enhancing the municipal review processes and procedures involved in the development of large warehouses in New Jersey. The bill mandates that any planning board, before considering an application for a large warehouse, must undertake a special reexamination of the municipality's master plan and development regulations. This requirement aims to ensure that new warehouse developments are consistent with local planning objectives and incorporate guidelines adopted by the State Planning Commission.

Contention

Another critical aspect of S1432 is the requirement for municipalities to perform a complete reevaluation or reassessment of all real property when a large warehouse has been approved, provided that no such action has been taken within the previous 60 months. This reassessment must be completed within 24 months of the issuance of a certificate of occupancy. This provision reflects an effort to ensure equitable property valuations and tax assessments in light of new warehouse developments, which can significantly impact local property values and tax revenues.