New Jersey Statutes 52:27D-389. Formula for allocation
Terms Used In New Jersey Statutes 52:27D-389
- population: when used in any statute, shall be taken to mean the population as shown by the latest Federal census effective within this State, and shall be construed as synonymous with "inhabitants. See New Jersey Statutes 1:1-2
MS = (RD / ARD) x F
Where:
MS is the share, not to exceed $3,900,000, to be received by the qualifying municipality of the amount allocated to that level;
F is the amount allocated to that level;
ARD is the aggregate of the residential densities of all qualifying municipalities included in that level; and
RD is residential density for a qualifying municipality which shall be determined as follows:
RD = P x D x R2
Where:
P is the population of the qualifying municipality;
D is the population density of the qualifying municipality; and
R is the percentage, multiplied by 100, of the aggregate assessed valuation of the qualifying municipality which is residential (Class 2) and apartments (Class 4c) property.
L.1990,c.85,s.6. (*When “R2” is mentioned, read “2” as an exponent, thereby squaring the value of “R”.)