NJ A3522

Properties that received benefits under the "Grow New Jersey Assistance Act" or the "New Jersey Economic Stimulus Act of 2009" would be prohibited from receiving property tax exemptions under the "Long Term Tax Exemption Law"

The same properties would also be ineligible for exemptions or abatements under the "Five-Year Exemption and Abatement Law"

The rationale is that these property owners have already benefited from public dollars to increase their investment value, making additional municipal tax benefits unnecessary

The bill would take effect immediately upon enactment