Bill would provide tax relief for towns purchasing properties for flood relief
Under a bill approved and amended by the Senate Community and Urban Affairs Committee, flood-prone properties acquired by municipalities after Superstorm Sandy would be exempt from county, school, and fire district taxes for the following tax year. A companion bill was introduced in the Assembly under bill number A3362. Currently, if a municipality acquires a property prior to October 1, it must pay the county, school, and fire district taxes owed for the remainder of that tax year, and if the property is acquired after October 1, it must pay the county, school, and fire district taxes owed for the remainder of that tax year and for all of the following tax year.
Municipalities receive grants for acquiring flood-prone property for open space and conservation purposes under the Blue Acres Program. The Blue Acres program is overseen by Green Acres and provides State grants and low-interest loans to help towns and counties purchase properties that may be prone to damage caused by storms.
If you wish to contact your local legislator about these bills, please click here.
For more news stories on these bills and Blue Acres funding, please see the following articles:
Hurricane Sandy brings relevance to Blue Acres program
DiMaio’s Green Acres/Blue Acres bill receives committee approval
For more information of legislative developments related to New Jersey property taxes, please see the following blog posts:
Refunds for Environmental Remediation?
Changes to Statute Requiring Payment of Taxes Pending Appeal Being Considered
Legislative Reform For Tax Assessments On The Way?
Will Income Tax Be Used to Offset Property Taxes?
Related articles
- Kansas Senate gives final approval to bill offering tax relief after disasters; amendment provides tax breaks (kansas.com)
- Senate committee approves commercial property tax relief plan (thegazette.com)
