Sponsored by:
Senator JOSEPH F. VITALE
District 19 (Middlesex)
SYNOPSIS
Revises standard of value for the purposes of real property assessment where property owner is responsible for environmental damage to real property.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the standard of value for the assessment of real property and amending P.L.1960, c.51.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.1960, c.51 (C.54:4-2.25) is amended to read as follows:
1. All real property subject to assessment and taxation for local use shall be assessed according to the same standard of value, which shall be the true value of such real property and the assessment shall be expressed in terms of the taxable value of such property, which taxable value shall be that percentage of true value as shall be established by each county board of taxation as the level of taxable value to be applied uniformly throughout the county.
For the purposes of this section, the true value of a parcel of real property contaminated with a hazardous substance, as defined pursuant to section 3 of P.L.1976, c.141 (C.58:10-23.11b), where the Department of Environmental Protection or any successor agency thereto has determined that the owner of the parcel of real property is the person who has discharged a hazardous substance on the property or is in any way responsible for a hazardous substance that has been discharged on the property, pursuant to section 8 of P.L.1976, c.141 (C.58:10-23.11g), shall be its value as if it were remediated.
(cf: P.L.1960, c.51, s.1)
2. This act shall take effect immediately.
STATEMENT
This bill would require that where the Department of Environmental Protection or any successor agency thereto has determined that the owner of a parcel of real property is the person who has discharged a hazardous substance on the property or is in any way responsible for a hazardous substance that has been discharged on the property, pursuant to section 8 of P.L.1976, c.141 (C.58:10-23.11g), the true value of the parcel of real property for purposes of assessment and taxation shall be its value as if it were remediated.