New Jersey § 13:17-61

§ 13:17-61.

As used in this article, unless the context indicates another meaning or intent: (a) “ Adjustment year ” means the year in which the respective obligations of the intermunicipal account

and the constituent municipalities of the district are due and payable. (b) “ Intermunicipal account ” means the administrative device established and administered by the commission to

record all the transactions made pursuant to this article for the purpose of calculating

the meadowlands adjustment payment for each constituent municipality, and to act as

the clearinghouse for the transfer of the meadowlands adjustment payments among the

constituent municipalities as required by this article. (c) “Meadowlands adjustment payment” means the amount that is payable by each constituent

municipality to the intermunicipal account, or the amount that is payable by the intermunicipal

account to each municipality, as the commission shall determine the case to be, pursuant

to the provisions of this article. (d) “ Resident enrollment ” means the number of full-time pupils who are residents of the school district and

who are enrolled in day schools on the last day of September during the school year

in which calculation of aid is made and are attending the public schools of the school

district or a school district or State teachers' college demonstration school in which

the school district of residence pays tuition; school district may count in its enrollment

any pupil regularly attending on a full-time basis a county vocational school in the

same county, for which the school district pays tuition. (e) “Base year” means the calendar year 1970. (f) “ Comparison year ” means the second calendar year preceding the adjustment year. (g) “ Apportionment rate ” means a rate determined as follows: (1) The total property taxes levied for local, school, and veterans' and senior citizens'

purposes, as certified pursuant to R.S. 54:4-52 , of the municipality in the comparison year after the meadowlands adjustment payment

made in that comparison year has been subtracted or added, as the case may be, divided

by (2) The aggregate true value of all taxable real property, exclusive of Class II railroad

property, located in the municipality, both within and without the district, in the

comparison year, as determined by the Director of the Division of Taxation on October

1 of the comparison year, pursuant to P.L.1954, c. 86, as amended, 1 as the same may have been modified by the tax court. If a tax appeal is decided after calculations are made for an adjustment year, the

next year's calculations must show a retroactive correction for the applicable preceding

two years. 1

N.J.S.A. § 54:1-35.1 et seq.