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NJ A5871
Bill
Status
6/23/2025
Primary Sponsor
Wayne DeAngelo
Click for details
AI Summary
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Exempts privately owned buildings and land from property taxation when leased to the State of New Jersey, counties, municipalities, their agencies and authorities, school districts, or other taxing districts
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Requires the leased property to be used for public purposes to qualify for the tax exemption
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Defines "public purposes" to include operation of government functions and services, stadiums and arenas, preservation or exhibit of historical data/records/property, and certain school district uses
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Clarifies that property acquired through tax title foreclosure or deed in lieu of foreclosure not used for private purposes also qualifies
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Takes effect immediately upon enactment
Legislative Description
Exempts from property taxation real property privately owned and leased to certain public entities for public purposes.
State and Local Government
Last Action
Introduced, Referred to Assembly State and Local Government Committee
6/23/2025