ACR 15 proposes a constitutional amendment to limit New Jersey government's power to take private property (eminent domain) to only "essential public purposes." It would remove current authority to take land specifically for "blighted area" redevelopment, which is currently permitted under the state constitution. The amendment would define essential public purposes to include utility corridors, schools, hospitals, transportation projects, waste facilities, and recreational sites. This change would prevent government from using eminent domain to acquire land solely to redevelop blighted neighborhoods, though it allows for tax exemptions for private redevelopment projects under specific conditions.
This bill allows certain New Jersey municipalities - specifically those in urban enterprise zones (current or former) - to adopt a "land-based property tax system" where improvements (like buildings) are taxed at a lower rate than the land they sit on. Other municipalities may apply for approval to implement this system after seven years, but must meet standards preventing its use in areas primarily dedicated to open space, farmland, or environmental preservation. The system permits gradual phase-in of tax rate differences and allows municipalities to revert to a single tax rate if desired. The goal is to encourage redevelopment of vacant urban land by making property improvements more financially attractive to owners, potentially increasing housing and economic activity in targeted areas.
This New Jersey bill (A 2964) changes how municipalities calculate their obligation to provide low and moderate income housing. It requires each municipality to base its housing need calculation on the actual percentage of households in its area that are low/moderate income (using census data), setting a new 20% threshold for compliance. Municipalities falling below this threshold must develop additional affordable housing to reach 20%, with senior housing units counting toward up to 60% of the required affordable stock. The law revises housing statutes to implement this calculation method and exempts municipalities meeting the 20% standard from builder's remedy penalties.
SCR 40 proposes a constitutional amendment to limit New Jersey governments' use of eminent domain (taking private property for public use) to specific "essential public purposes." It would remove the current authority to take property for "blighted area" redevelopment, while explicitly listing allowed purposes like utility corridors, schools, prisons, waste facilities, health care, and recreation. The amendment would prohibit government from seizing land solely to eliminate blight but would allow tax exemptions for private redevelopment projects under strict profit limits. This change aims to restrict eminent domain powers as defined in the state constitution, requiring voter approval after legislative passage.
This bill (S 1955) limits New Jersey municipalities' ability to grant long-term property tax exemptions for redevelopment projects. It sets a 5% cap on the total value of exempt property relative to a municipality's overall taxable property value. Municipalities exceeding this threshold cannot approve new tax exemptions until their exemption rate drops below 5%, calculated by dividing exempt property value by total taxable value and multiplying by 100. The bill directly affects local governments seeking to use tax exemptions to attract redevelopment projects, ensuring such exemptions do not unfairly reduce state school aid allocations to other districts.
S 2310 would create a state-owned "State Bank of New Jersey" to provide loans and financial services for small businesses, housing, infrastructure, and community development. The bank would use state funds deposited by the Treasurer (including state moneys and public source deposits) and operate similarly to private banks, with restrictions on lending to board members or their associates. It would be governed by a 13-member board appointed by the Governor, including banking experts and consumer advocates. This legislation directly affects New Jersey residents and businesses seeking affordable financing for economic development and housing needs.
This bill (S 2708) revises New Jersey's foreclosure sale procedures to better protect homeowners and nonprofit community development corporations. It requires sheriffs to hold sales within 150 days, sets strict rules for notifying buyers about "upset prices" (with a 3% maximum increase), and prohibits lenders from delaying sales when nonprofits or homeowners intend to participate. Key provisions include a reduced 3.5% deposit requirement for qualifying buyers (such as nonprofits, tenants, or homeowners who will occupy the property for 84+ months) and mandates that lenders disclose property occupancy status before sale. These changes directly affect sheriffs conducting sales, lenders initiating foreclosures, homeowners facing eviction, and nonprofit community development corporations seeking to preserve affordable housing.
S 1857 amends New Jersey's Local Redevelopment and Housing Law to explicitly exclude farmland actively devoted to agricultural use (and taxed under the Farmland Assessment Act of 1964) from being classified as a "redevelopment area" or "rehabilitation area." This directly affects farmers who maintain agricultural operations and qualify for the farmland tax assessment program, preventing their land from being included in redevelopment projects. The key mechanism is a technical amendment to the legal definition of "redevelopment area" within the law. This change ensures farmland under the Farmland Assessment Act cannot be subject to redevelopment processes governed by the current law.
S 1816 requires New Jersey's Division of Purchase and Property to create an annual report on state-owned properties that are underutilized (not fully used for their current purpose). The Division must inventory all such state-owned land - including property owned by agencies or authorities - and analyze its potential for redevelopment, including uses like affordable housing, homeless services, or health services for low/moderate-income residents. This report must be submitted to the Governor and Legislature within 13 months of the bill's effective date, then updated annually, with the report posted online. The bill directly affects the Division of Purchase and Property and state agencies managing property, but does not mandate specific actions - only requires the annual analysis and reporting.
This bill increases the annual cap on tax credits available for neighborhood revitalization projects in New Jersey from $15 million to $65 million. It directly affects businesses that fund qualified neighborhood preservation projects, allowing them to claim larger tax credits against certain business taxes. The key change is raising the total credit limit per fiscal year and adding a carryover provision: if credits aren't fully used in one year, the unused amount rolls over to the next year. This expands funding flexibility for projects under the Neighborhood Revitalization Tax Credit Program, which supports community development through private investment.
