New Jersey § 54:1-49
Full text of New Jersey New Jersey Statutes § 54:1-49, with citation guidance and answers to common questions.
§ 54:1-49.
The State Treasurer shall, upon the warrant of the State Comptroller, annually pay
to each qualifying municipality a share of amounts annually deposited in the “Municipal
Purposes Tax Assistance Fund” and set aside for qualifying municipalities, in an amount
derived pursuant to the following formula: Where: MS is the share to be received by the qualifying municipality. (A per capita share of the amounts so deposited and set aside for qualifying municipalities,
weighted by the municipal index of equalized valuation per capita of each qualifying
municipality.) F is the total amount so deposited and set aside for qualifying municipalities. P is the population of each qualifying municipality. Σ P is the sum of the populations of all qualifying municipalities. I is the municipal index of equalized valuation per capita of the qualifying municipality. The amount to be distributed pursuant to this section to any qualifying municipality
shall not be greater than an amount equal to 25% of the municipal purposes levy of
the municipality for the tax year immediately preceding the tax year in which a payment
is made under this act. If in any year the amount of funds so deposited and set aside for qualifying municipalities
is other than the sum of the municipal shares for all qualifying municipalities, then
each qualifying municipality shall receive from the amount so deposited and set aside
an amount which is equal in proportion to its municipal share of the sum of the municipal
shares of all qualifying municipalities.
Frequently Asked Questions About New Jersey § 54:1-49
What does New Jersey Statutes § 54:1-49 cover?
Section 54:1-49 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 § 54:1-49?
A common citation format is "New Jersey Statutes § 54:1-49" (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 § 54:1-49 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.