New Jersey § 54:1-35
Full text of New Jersey New Jersey Statutes § 54:1-35, with citation guidance and answers to common questions.
§ 54:1-35.
Revaluation relief abatements for eligible properties in the revaluation year shall continue to be provided in
the first , second and third tax year next following the revaluation year. For the first , second and third year following the revaluation year, the director shall calculate, forthwith each
year upon the receipt of a certified copy of a resolution from the municipality, the
amount of the revaluation relief abatement for each eligible property. For the purposes of this section: “RR A ” equals the revaluation relief abatement for the eligible property; “A” equals the tax liability produced by multiplying the constant rate factor for
the municipality for the revaluation year by the net assessed value of the eligible
property as it appeared on the assessor's duplicate for the revaluation year; and “B” equals the tax liability produced by multiplying the general tax rate for the
municipality for the base year by the net assessed value of the eligible property
as it appeared on the assessor's duplicate for the base year. For the first tax year next following the revaluation year, the director shall determine
the amount of the revaluation relief abatement as follows: RR A = 0.60 (A-B) For the second tax year next following the revaluation year, the director shall determine
the amount of the revaluation relief abatement for each eligible property as follows: RR A = 0.40 (A-B) For the third year next following the revaluation year, the director shall determine
the amount of the revaluation relief abatement for each eligible property as follows: RRA= 0.20 (A-B) For the fourth year next following the revaluation year, there shall be no revaluation
relief abatement given, and all properties shall be assessed and taxed at their taxable
value. In each of those tax years the director shall certify to the county board of taxation
the aggregate amount of revaluation relief abatements to be provided for eligible properties within the municipality, and shall provide
the county board of taxation with a certified list of eligible properties within the
municipality and the amount of the revaluation relief abatement to which each is entitled. The county board of taxation shall incorporate the information provided on that
list into the tax duplicate prepared for the taxing district pursuant to R.S.54:4-55 .
Frequently Asked Questions About New Jersey § 54:1-35
What does New Jersey Statutes § 54:1-35 cover?
Section 54:1-35 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 § 54:1-35?
A common citation format is "New Jersey Statutes § 54:1-35" (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 § 54:1-35 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.