N.J. Stat. § 55:19-52
Municipal ordinance to provide for tax abatement, payment in lieu of taxes
New Jersey · New Jersey Statutes Title 55 — Tenement Houses and Public Housing · Status: effective
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- Citation
- N.J. Stat. § 55:19-52, Municipal ordinance to provide for tax abatement, payment in lieu of taxes, New Jersey, version 1 as recorded 2026-09-28, yourstate.us, https://yourstate.us/provision/1484585
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Full text
33. In order to provide security for the bonds or other obligations authorized herein, a municipality may adopt an ordinance which provides for tax abatement within a redevelopment area and for a payment in lieu of taxes. Any tax abatement granted by the municipality and any agreement for the payment in lieu of taxes shall be included as part of a financial agreement between the municipality and the developer in accordance with the provisions of P.L.1991, c.431 (C.40A:20-1 et seq.); provided, however, that provisions of subsection b. of section 12 of P.L.1991, c.431 (C.40A:20-12), subsection a. of section 14 of P.L.1991, c.431 (C.40A:20-14) and subsection c. of section 18 of P.L.1991, c.431 (C.40A:20-18)shall not apply to any financial agreement entered into pursuant to this section.