Prohibits certain property from receiving property tax exemption or abatement.
Impact
If enacted, S2102 would significantly alter how certain properties are treated under state tax law. The bill would ensure that properties that have already gained value through state financial incentives are not able to take advantage of additional tax breaks. By doing so, the legislation aims to protect municipal revenues by ensuring that properties that have already benefited from taxpayer dollars do not continue to receive additional benefits, which some legislators argue are unwarranted.
Summary
Senate Bill S2102 aims to amend current property tax regulations in New Jersey by prohibiting properties that have already benefited from certain state assistance programs from receiving further tax exemptions or abatements. Specifically, the bill targets properties developed under the 'Grow New Jersey Assistance Act' and the 'New Jersey Economic Stimulus Act of 2009'. This legislation is designed to prevent these properties from receiving additional public benefits through property tax exemptions under the established laws governing property taxation in the state.
Contention
Notably, this bill may evoke varying opinions among stakeholders. Proponents argue that it promotes fairness in the tax system by ensuring that investments made with state assistance are not overly subsidized indefinitely. Critics, however, may contend that this could discourage future investment in certain areas or hinder development in regions that rely on such exemption incentives to attract business. Furthermore, there might be concerns regarding the impact on economic growth and local job creation, as these tax exemptions can often incentivize businesses to develop in targeted areas.
Requires municipalities to share certain payments in lieu of property taxes with school districts; informs counties, school districts, and DCA of certain information related to property tax exemptions and abatements.
Requires municipalities to share certain payments in lieu of property taxes with school districts; informs counties, school districts, and DCA of certain information related to property tax exemptions and abatements.
Requires municipalities to share certain payments in lieu of property taxes with school districts; informs counties, school districts, and DCA of certain information related to property tax exemptions and abatements.
Requires cost-benefit analyses for long term tax exemption, and requires DCA to create database of exemptions; requires five-year tax exemption and abatement agreements to be filed with certain county officials.