New Jersey Statutes 5:10A-53. Establishment of intermunicipal account
Terms Used In New Jersey Statutes 5:10A-53
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- assessor: when used in relation to the assessment of taxes or water rents or other public assessments, includes all officers, boards or commissions charged with the duty of making such assessments, unless a particular officer, board or commission is specified. See New Jersey Statutes 1:1-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
b. As used in this section, except as otherwise specifically provided, the increase or decrease in aggregate true value of taxable real property for any adjustment year shall be the difference between:
(1) The aggregate true value of that portion of taxable real property, exclusive of Class II railroad property, in the constituent municipality located within the district in the comparison year, and
(2) The aggregate true value of that property in the base year.
c. Aggregate true value of all taxable real property shall be determined by aggregating the assessed value of all real property within the district boundaries in each constituent municipality, and dividing the total by the average assessment ratio, as promulgated by the Director of the Division of Taxation in the Department of the Treasury for State school aid purposes, on October 1 of the respective years for which aggregate true value is to be determined, pursuant to P.L.1954, c.86 (C. 54:1-35.1 et seq.), or as modified by the tax court.
d. For the purpose of calculating aggregate true value, the assessed value of taxable real property for any given year shall comprise the sum of the following:
(1) The assessed value shown on the assessment duplicate for a given year, as certified by the county board of taxation and reflected in the county table of aggregates prepared pursuant to R.S.54:4-52, or as modified by the county board of taxation;
(2) The prorated assessed values pertaining to such year, as certified by the county board of taxation on or before October 10, with respect to the assessor‘s added assessment list for such year, as the same may be modified by the county board of taxation upon appeal; and
(3) The assessed values pertaining to a given year, as certified by the county board of taxation, with respect to the assessor’s omitted property assessment list for that year, as the same may be modified by the county board of taxation upon appeal.
e. If, during any comparison year, a constituent municipality has received a payment in lieu of real estate taxes on property located within the district, then, for the purpose of calculating the increase or decrease in the municipality’s aggregate true value under subsection b. of this section, there shall be added to the aggregate true value for such comparison year an amount determined by dividing the amount of the in lieu payment by the municipal tax rate for the comparison year and dividing the result by the average assessment ratio for school aid purposes as promulgated by the Director of the Division of Taxation in the Department of the Treasury.
f. The amount payable to the intermunicipal account by each constituent municipality in any adjustment year shall be determined in the following manner: the apportionment rates calculated for the comparison year shall be multiplied by the increase, if any, in aggregate true value of taxable real property for such year; provided however, that the amount payable to the intermunicipal account in any adjustment year shall be limited to 40 percent of the amount calculated pursuant to this subsection.
L.2015, c.19, s.53; amended 2015, c.72, s.18.