Revises calculation of maximum allowable annual increase to county tax levy.

This bill changes the limit on annual property tax increases for New Jersey counties by revising how the maximum allowable tax levy is calculated. Currently, counties must ensure their tax levy does not exceed the lower of two calculations; the bill updates this to require counties to not exceed the greater of the two calculations. This directly affects all New Jersey counties in their annual budgeting process for property taxes. The change does not alter the underlying formulas but shifts the ceiling from the lower to the higher of the two amounts. The bill takes effect immediately and is retroactive to January 1, 2024.