New Jersey § 40a:4-40
Full text of New Jersey New Jersey Statutes § 40a:4-40, with citation guidance and answers to common questions.
§ 40a:4-40.
a. A municipality may reduce its reserve for uncollected taxes by deducting any or
all payments anticipated during the fiscal year from the sale of the total property
tax levy pursuant to section 16 of P.L.1997, c. 99 ( C.54:5-113.5 ), from the reserve for uncollected taxes as calculated pursuant to N.J.S.40A:4-40 and N.J.S.40A:4-41 , provided that the obligation to make such payment is entered into prior to adoption
of the budget. Any revenues received pursuant to this section shall be excluded from any calculation
of the tax collection rate pursuant to N.J.S.40A:4-41 or receipts from delinquent taxes pursuant to N.J.S.40A:4-29 . b. A municipality shall not execute a contract for the sale of the total property
tax levy unless the Division of Local Government Services in the Department of Community
Affairs has reviewed the fiscal impact of the sale of the total property tax levy. The municipality shall forward a copy of a proposed contract and the fiscal analysis
of the impact of the sale required to be provided to the municipal governing body
pursuant to section 14 of P.L.1997, c. 99 ( C.40A:4-40.3 ), as soon as they are available, to the Division of Local Government Services for
review. The division shall review the fiscal impact of the contract within 15 business days
after receipt and shall approve or disapprove the contract in writing within that
time. The director of the division may condition the approval of the contract on budget
actions that the director may determine.
Frequently Asked Questions About New Jersey § 40a:4-40
What does New Jersey Statutes § 40a:4-40 cover?
Section 40a:4-40 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 40a:4-40?
A common citation format is "New Jersey Statutes § 40a:4-40" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 40a:4-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.