54A:9-25 - Property Tax Relief Fund - New Jersey Statutes

54A:9-25.  Property Tax Relief Fund.
    Taxes collected under the provisions of this act shall be deposited by the State Treasurer in a special account to be known as the Property Tax Relief Fund.  Moneys in the Property Tax Relief Fund shall be annually appropriated, pursuant to formulas established from time to time by the Legislature, to the several counties, municipalities and school districts of this State exclusively  for the purpose of providing property tax relief and for the purpose of  reducing or offsetting property taxes, including the funding of the  requirements of P.L.1975, c. 212, and homestead exemptions under 1976 Assembly  Bill No. 1330, as said acts may hereafter be amended or supplemented and  provided there may be deducted the administrative costs of the collection hereof and in replacement of revenues resulting from the repeal of certain laws  under this and companion legislation.

     L.1976, c. 47, s. 54A:9-25, eff. July 8, 1976, operative Aug. 30, 1976.