New Jersey § 54:4-3

§ 54:4-3.

a. Each approved abatement shall be evidenced by a financial agreement between the

qualified municipality and the applicant. The agreement shall be prepared by the applicant and shall contain the representations

that are required by the enabling ordinance. The agreement shall provide for the applicant to annually pay to the municipality

an amount in lieu of real property taxes, to be computed according to either subsection

b. or c. of this section, as provided for in the enabling ordinance. b. Payments in lieu of taxes may be computed as two percent of the cost of the improvements

or conversion alterations, as appropriate for five years following such completion

and in the sixth and all subsequent tax years following completion, 100% of the equalized

taxes otherwise due; or c. Payments in lieu of taxes may be computed in the discretion of the qualified municipality as a portion of the real property taxes otherwise due, provided that in the sixth and all subsequent tax years following completion, payments in lieu of taxes shall equal 100% of the equalized taxes otherwise due. d. For the purposes of this section, the amount of “ taxes otherwise due ” (not to be confused with “ equalized taxes otherwise due ”) shall be determined by including the appropriate percentage of the assessed valuation

of the abated structure, improvement or conversion alteration, as the case may be,

on the assessment list of the municipality as taxable property, and levying taxes

thereon in the same manner as other taxes are levied pursuant to chapter 4 of Title

54 of the Revised Statutes; provided, however, that no value for a property subject

to the provisions of this act shall be included in the calculation of the “net valuation

on which county taxes are apportioned” until the first tax year for which a municipal-wide

revaluation is implemented.