New Jersey § 40a:21-11

§ 40a:21-11.

a. All tax agreements entered into by municipalities pursuant to sections 9 through

12 1 of P.L.1991, c. 441 shall be in effect for no more than the five full years next following the date of completion of the project. b. All projects subject to tax agreement as provided herein shall be subject to all

applicable federal, State and local laws and regulations on pollution control, worker

safety, discrimination in employment, housing provision, zoning, planning and building

code requirements. c. That percentage which the payment in lieu of taxes for a property bears to the

property tax which would have been paid had an exemption and abatement not been granted

for the property under the agreement shall be applied to the valuation of the property

to determine the reduced valuation of the property to be included in the valuation

of the municipality for determining equalization for county tax apportionment and

school aid during the term of the tax agreements covering the properties, and at the

termination of an agreement for a property the reduced valuation procedure required

under this section shall no longer apply. d. Within 30 days after the execution of a tax agreement, a municipality shall forward

a copy of the agreement to the Director of the Division of Local Government Services

in the Department of Community Affairs. 1

N.J.S.A. §§ 40A:21-9 to 40A:21-12.