NJ A6135

Increases state payments in lieu of taxes (PILOTs) to municipalities for State-owned or nonprofit-owned recreation and conservation lands, with new per-acre rates: $3 (up from $2) for municipalities with less than 20% open space, $7.50 (up from $5) for 20-40% open space, $15 (up from $10) for 40-60% open space, and $40 (up from $20) for 60% or more open space

Applies the increased PILOT rates to lands acquired using constitutionally dedicated corporation business tax revenues, effective 13 years after acquisition

Applies the same increased rates to open space lands acquired using non-dedicated funding sources, regardless of when acquired

Maintains the existing 13-year declining payment schedule for newly acquired lands (starting at 100% of last assessed taxes, decreasing by 8% annually to 4% in year 13), before transitioning to the per-acre formula

Payments continue to be made from the State General Fund annually on October 1 and must be used by municipalities for the same purposes as regular property tax revenue