New Jersey § 54:4-49

§ 54:4-49.

(a) Except as to any State tax at a fixed rate provided for in sections 54:4-50 and 54:4-51 of this Title, each county board of taxation, after having received the tax lists

and duplicates of the assessors and having revised and corrected the same and having

equalized the aggregate valuations of all the real property in the respective taxing

districts, as required by R.S.54:3-17 to 54:3-19 , shall, after making adjustments for the debits and credits hereinafter mentioned,

apportion the amount to be raised in the respective taxing districts for State, State

school, county , free county library, free public library, and joint free public library purposes and for purposes of consolidated school districts and school districts comprising

two or more taxing districts, on the basis of the total valuation so ascertained for

each taxing district. The total valuation for each taxing district, so ascertained, shall be known as

the “apportionment valuation.” (b) The amount to be apportioned among the respective taxing districts shall be the

amount to be raised for the purposes specified in subsection (a), plus or minus the

difference between the total debits and total credits of the taxing districts affected,

determined as provided in subsection (c). The net amounts respectively to be raised, after making allowance to the affected

districts for the debits and credits, shall be equivalent to the amount required for

each of the purposes specified in subsection (a). (c) The net debit or credit of each taxing district shall be the amount by which the

taxing district has overpaid or underpaid its share of the specific tax or taxes for

the purposes specified in subsection (a) for the preceding year or years because of

increases or decreases in the amount of the assessments of the district subsequent

to the apportionment in the preceding year or years by reason of final judgments on

appeals, complaints and applications, the correction of clerical errors under R.S.54:4-53 and the allowance of additional veterans' exemptions or deductions during the prior

tax year by the collector pursuant to law. When an assessment has been reduced or added to, or increased, on appeal, complaint

or other application, and the judgment on that appeal, complaint or other application

has been further appealed, no deduction or increase as herein provided for shall be

made with respect to the appealed assessment until the further appeal has been finally

determined. (d) So that there shall be uniformity of application and treatment under this section

in all of the counties, the Director, Division of Taxation, shall issue regulations

for the guidance of the county boards of taxation in the determination of the apportionment

valuations, the amounts to be apportioned and the amounts of the debits and credits.