Budget & Taxes (Property Tax)

This bill prohibits properties that received benefits under the "Grow New Jersey Assistance Act" (2011) or the "New Jersey Economic Stimulus Act of 2009" from qualifying for property tax exemptions or abatements under two specific laws: the "Long Term Tax Exemption Law" and the "Five-Year Exemption and Abatement Law." It directly affects property owners who used state economic incentive programs to develop or improve their properties, preventing them from receiving additional tax breaks. The bill states that these properties have already benefited from public funding, so municipalities should not provide further tax advantages through the targeted exemption laws. The law takes effect immediately upon passage.

This bill requires municipalities and school districts to annually report the amount paid to retiring employees for unused sick leave. The State Treasurer must then reduce the following year's state aid payments to these entities by that exact amount: for municipalities, this applies to Consolidated Municipal Property Tax Relief Aid, Energy Tax Receipts Property Tax Relief Aid, Extraordinary Aid, or Transitional Aid to Localities; for school districts, it reduces state school aid based on annual audit data. The policy directly affects local governments that provide retirement payments for accrued sick leave, ensuring state aid does not cover these costs. It creates a straightforward mechanism where reported unused sick leave payments automatically lower subsequent state funding.