NJ S3330

Redefines "local exchange telephone company" for property tax purposes to mean telecommunications carriers that held regional monopoly on landline service before the federal Telecommunications Act of 1996, or their corporate successors, rather than requiring annual proof of providing 51% dial tone access to a local exchange.

Overturns the 2012 Tax Court decision in Verizon New Jersey Inc. v. Borough of Hopewell, which required telephone companies to annually demonstrate they meet the 51% market share threshold to be subject to business personal property taxes.

Makes business personal property of incumbent telephone companies (equipment, utility poles, cables) permanently part of municipal tax bases, regardless of current market share in any given municipality.

Requires local exchange telephone companies to pay municipalities' attorney's fees when municipalities prevail in court proceedings concerning business personal property taxation.

Takes effect immediately with retroactive application to January 1, 2007.