40:48-7.1 - Tax credit for properties with service charges payable to other municipality - New Jersey Statutes

40:48-7.1.  Tax credit for properties with service charges payable to other  municipality    Whenever any municipality undertakes the construction and installation of sewerage facilities within the municipality as a general improvement to be paid  for by general taxation, rather than by special assessments levied against the  real property benefited thereby, and there exists within the municipality  certain tracts or parcels of real property which are connected to a sanitary  sewerage system for which service charges are paid to another municipality and  that system will not be serviced by such facilities, the governing body of the  municipality constructing and installing such facilities may, by ordinance,  provide for the granting of a tax credit to be applied against the real  property tax annually assessed against such tracts or parcels of real property.   The tax credit shall be expressed as a percentage of that portion of the tax  assessed against such tracts or parcels of real property which represent  assessments for the construction, operation and maintenance of the sewerage  facilities to be constructed and installed by the municipality.  Such  percentage shall be in such amount as the governing body shall deem to be  equitable and just but in no event in excess of 100% of the amount of the taxes  so assessed.

     L.1977, c. 56, s. 1, eff. April 13, 1977.