New Jersey § 54:1-47

§ 54:1-47.

As used in this act: a. “Municipal equalized valuation” means the apportionment valuation of each municipality

for the preceding tax year as shown in the Table of Aggregates prepared pursuant to R.S. 54:4-52 ; b. “Municipal equalized valuation per capita” means the municipal equalized valuation

divided by the population of the municipality; c. “Municipal index of equalized valuation per capita” means the equalized valuation

per capita of each municipality divided by the State equalized valuation per capita; d. “ Municipal purposes equalized tax rate ” means the tax levy for “local municipal purposes” on which the tax rate is computed

divided by the “apportionment valuation,” both as shown for the preceding tax year

in the table of aggregates prepared pursuant to R.S. 54:4-52 ; e. “ Participating municipality ” means any municipality which is not a qualifying municipality, and which for the

preceding tax year had a municipal purposes equalized tax rate not less than one-half

of the State municipal purposes equalized tax rate, and a municipal index of equalized

valuation per capita of less than 2.0; provided that any municipality which has had

a municipal purposes tax rate of $0.10 or less for the 3 next preceding tax years

shall be required to have a municipal purposes equalized tax rate of not less than

one-half of the State municipal purposes equalized tax rate for 3 consecutive tax

years before it shall be a participating municipality pursuant to this act; f. “ Population ” means the most recent population estimates published by the New Jersey Department

of Labor and Industry; g. “ Qualifying municipality ” means any municipality which for the preceding tax year had a municipal purposes

equalized tax rate not less than the State municipal purposes equalized tax rate,

and the municipal index of equalized valuation per capita of less than 0.90. h. “State equalized valuation” means the aggregate of the municipal equalized valuation

of all municipalities; i. “State equalized valuation per capita” means the State equalized valuation divided

by the population of the State; and, j. “ State municipal purposes equalized tax rate ” means the aggregate of the tax levies of all municipalities for “local municipal

purposes” for the preceding tax year divided by the State equalized valuation.