NJ A4044

Counties that prepare budgets under the 2.5% property tax levy cap limitation will not have their maximum permissible tax levy reduced when their debt service appropriations decrease from the prior year

Allows counties to add to their adjusted tax levy the greater of two amounts: the unused portion of the 3.5% appropriation allowance accumulated over two years, or the difference between the maximum allowable county purposes tax and the actual amount raised

Permits counties to bank unused tax levy capacity for use in any of the next three succeeding years when they have not received a waiver approval

Amends multiple sections of existing law (P.L.1976, c.68, P.L.1994, c.100, and P.L.2007, c.62) governing county budget preparation and property tax limitations

Takes effect immediately and applies to local budget years beginning on or after January 1, 2024