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NJ A4399
Bill
Status
2/19/2026
Primary Sponsor
Jay Webber
Click for details
AI Summary
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Municipalities within regional school districts would be required to share payments in lieu of taxes (PILOTs) received from urban renewal entities with both their county and regional school district.
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The share distributed to the county and regional school district must be proportional to how property tax revenue was distributed to those entities in the prior year, as shown on tax bills.
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Municipalities must remit these portions to the county and regional school district immediately upon receiving the PILOT payment.
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Municipalities not within regional school districts continue under existing law, remitting only 5% of PILOT payments to the county.
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The bill amends P.L.1991, c.431 governing long-term property tax exemptions for urban renewal projects and takes effect immediately.
Legislative Description
Requires municipalities comprised within regional school districts to share certain payments received in lieu of taxes with counties and regional school districts.
State and Local Government
Last Action
Introduced, Referred to Assembly State and Local Government Committee
2/19/2026