54:4-2.2e - State's liability for in lieu tax payments; computation; limitations - New Jersey Statutes

54:4-2.2e.  State's liability for in lieu tax payments;  computation; limitations
    After completion of the review of the assessments of State property, the director shall compute the State's liability for in lieu tax payments in each municipality affected.  The in lieu payment shall be calculated by applying the  effective local purpose tax rate of the municipality for the tax year 1977 and  thereafter to the aggregate amount of State property, as defined in section 1,  in the municipality and the sum of such calculations shall constitute the  State's liability;  provided, however, the State shall have no liability to any  one municipality when the sum of its liability is less than $1,000.00, and no  municipality shall receive an in lieu payment from the State greater than an  amount equal to 35% of the local purpose tax levy, which for the purposes of  this act shall include revenues which are used for municipal purposes and  derived from tax abated properties, for the year for which the calculations are  made;  provided, however, that in any calendar year no municipality which  receives or is entitled to receive any extraordinary payment for municipal  services and in lieu of taxes under P.L.1977, c. 137 shall receive less under  this act than the amount that it received under said P.L.1977, c. 137.

     L.1977, c. 272, s. 5.  Amended by L.1979, c. 26, s. 1, eff. Feb. 22, 1979; L.1983, c. 256, s. 1, eff. July 7, 1983.