“Director” means the Director of the Division of Local Government Services in the Department of Community Affairs.

“State average effective local tax rate” means the total tax levy on which the tax rate is computed divided by the net valuation on which county taxes are apportioned as shown in column 12D and column 11 respectively of the county abstract of ratables for the year 1976.

“Effective tax rate for a municipality” means the general tax rate to apply per $100.00 valuation multiplied by the average ratio of assessed to true value of real property as shown in column 7 and column 8 respectively of the county abstract of ratables for the year 1976.

“Equalized valuation” means equalized valuation as determined pursuant to P.L.1954, c. 86 (C. 54:1-35.1 et seq.) and promulgated on or before October 1 of the year preceding the year in which distribution of aid under this act is to be made pursuant to section 6 of this act, including any revision or correction thereof made not later than January 30 of the year in which such distribution is made.

“Ratables per capita” means for a municipality, its equalized valuation divided by its population; for a county, the sum of the equalized valuations of the municipalities therein divided by the population of the county.

“Population” means population according to the official population estimates issued by the Department of Labor and Industry next preceding October 1 of the year in which distribution of aid under this act is to be calculated pursuant to section 6 of this act.

“Population density” means the relation between the population and area of a municipality or group of municipalities, expressed in terms of inhabitants per square mile within such municipality or group of municipalities.

“Neighboring municipalities” means, with relation to any one municipality, all other municipalities of this State having boundaries contiguous at any point with its boundaries, whether running upon land or water.

“Adjusted population” means the product of the number of persons in the population multiplied by the quotient obtained by dividing the effective tax rate for a municipality by the State average effective local tax rate, to which product is added the number of persons within that population aged 65 and over living in households with household incomes under $5,000.00.

L.1977, c. 260, s. 3, eff. Oct. 12, 1977. Amended by L.1978, c. 13, s. 1, eff. March 30, 1978.