New Jersey § 52:27bbbb-22
Full text of New Jersey New Jersey Statutes § 52:27bbbb-22, with citation guidance and answers to common questions.
§ 52:27bbbb-22.
a. Annually, beginning in calendar year 2017 and ending on December 31, 2026, a portion of the payment in lieu of property tax moneys collected pursuant to section
3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ) shall be remitted to the county and the school district for their own purposes. b. Notwithstanding the provisions of any other law to the contrary, for calendar years
2022, 2023, 2024, 2025, and 2026, a portion of the funds collected by Atlantic City
from the payment in lieu of property taxes pursuant to section 3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ), shall be allocated as follows: beginning in calendar year 2022, the portion of the payment in lieu of property taxes
collected pursuant to section 3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ) that is allocated to Atlantic County shall be the same as 2021, with the allocation
in each year thereafter increasing by two percent from the preceding year; provided,
however, in the case of an upward adjustment pursuant to subparagraph (h) of paragraph
(3) of subsection c. of section 3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ) in calendar year 2023 or 2024, the portion of the payment in lieu of property taxes
allocated to Atlantic County shall be increased by $1,350,000 in the year of the upward
adjustment and shall thereafter increase by two percent from the preceding year, and
in the case of an upward adjustment that occurs in calendar year 2025 or 2026, the
portion of the payment in lieu of property taxes allocated to Atlantic County shall
be increased by $1,200,000 in the year of the upward adjustment and shall thereafter
increase by two percent from the preceding year; and provided further that in the
case of a downward adjustment pursuant to subparagraph (h) of paragraph (3) of subsection
c. of section 3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ) in calendar year 2023 or 2024, the portion of the payment in lieu of property taxes
allocated to Atlantic County shall be decreased by $1,350,000 in the year of a downward
adjustment and shall thereafter increase by two percent from the preceding year and
in the case of a downward adjustment that occurs in calendar year 2025 or 2026 the
portion of the payment in lieu of property taxes allocated to Atlantic County shall
be decreased by $1,200,000 in the year of the downward adjustment and shall thereafter
increase by two percent from the preceding year. c. Notwithstanding the provisions of any other law to the contrary, beginning in calendar
year 2022, the portion of the payment in lieu of property taxes collected pursuant
to section 3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ) that is allocated to the Atlantic City School District shall be the same as 2021,
with the allocation in each year thereafter increasing by two percent from the preceding
year; provided, however, in the case of an upward adjustment pursuant to subparagraph
(h) of paragraph (3) of subsection c. of section 3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ), the portion of the payment in lieu of property taxes allocated to the Atlantic
City School District shall be increased by $3,500,000 in the year of the upward adjustment
and shall thereafter increase by two percent from the preceding year; and provided
further that in the case of a downward adjustment pursuant to subparagraph (h) of
paragraph (3) of subsection c. of section 3 of P.L.2016, c. 5 ( C.52:27BBBB-20 ), the portion of the payment in lieu of property taxes allocated to the Atlantic
City School District shall be decreased by $3,500,000 in the year of a downward adjustment
and shall thereafter increase by two percent from the preceding year.
Frequently Asked Questions About New Jersey § 52:27bbbb-22
What does New Jersey Statutes § 52:27bbbb-22 cover?
Section 52:27bbbb-22 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 § 52:27bbbb-22?
A common citation format is "New Jersey Statutes § 52:27bbbb-22" (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 § 52:27bbbb-22 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.