New Jersey § 54:4-3

§ 54:4-3.

a. As used in P.L.2013, c. 261 ( C.54:4-3.3g et al.), “ blue acres property tax exemption ” means the property tax exemption established in subsection b. of this section. b. A parcel of real property acquired by a municipality using funds made available

under a federal, county, municipal, or State program for the acquisition of parcels

of real property situated in flood-prone areas of the municipality shall become tax

exempt on the date of its acquisition by the municipality. For the purposes of this section, the grant of the right of possession, or vesting

of title, whichever shall first occur, to the municipality, shall be deemed to be

the acquisition with respect to such parcel of real property. c. A municipality shall provide written notice of its intention to acquire a parcel

or parcels of real property situated in a flood-prone area of the municipality to

the county, the school board, and any board of fire commissioners in the municipality,

not less than 15 calendar days prior to the adoption of their respective budgets. If federal, county, municipal, or State funds are not made available to a municipality

for the purpose of acquiring flood-prone properties before the adoption of the county,

school, and fire district budgets, the municipality shall provide the written notice

of its intention to acquire the real property as soon as it is practicable, but not

later than 15 calendar days after the receipt of such funds. d. (1) If, at the time of any acquisition pursuant to subsection b. of this section,

the property owner has paid the taxes for a period beyond the date of the acquisition

by the municipality, the municipality shall reimburse to the property owner the amount

of the property taxes paid by the property owner for the period beyond the date of

acquisition. Such reimbursement shall be made to that property owner not later than 15 calendar

days after the next regular meeting of the governing body of the municipality following

the acquisition of the parcel of real property by the municipality. (2) In the event of any dispute between the property owner and the municipality with

respect to the amount of a reimbursement of the property taxes paid by the property

owner for the remaining portion of the tax year beyond the date of acquisition, the

Tax Court shall have jurisdiction to determine the amount of the reimbursement in

a summary manner on the application of the property owner, and shall make any order

as may be required and appropriate to carry out the court's determination. e. If, at the time of any acquisition pursuant to subsection b. of this section, the

municipality has paid any tax due to a county, school district, or fire district for

a period beyond the date of the acquisition by the municipality, the municipality

shall be entitled to credit against the next installment of tax due to be paid to

a county, school district, or fire district the amount of the property taxes paid

by the municipality for the period beyond the date of acquisition.