New Jersey § 54:4-8
Full text of New Jersey New Jersey Statutes § 54:4-8, with citation guidance and answers to common questions.
§ 54:4-8.
a. When an application by a shareholder in a cooperative or mutual housing corporation is allowed, the assessor shall promptly
notify the corporation, or any other entity holding title, setting forth the amount of the deduction, and shall send a duplicate of the notice
to the shareholder. b. The tax collector shall credit to each cooperative or mutual housing corporation the total amount of deductions allowed
to its shareholders in each tax year against the taxes payable by the corporation , or any other entity holding title, in that year. c. A cooperative or mutual housing corporation shall enter in its books a credit to each
shareholder to whom a deduction has been allowed, and shall proportionately reduce
the periodic charges made to him on account of taxes. Each statement of periodic charges presented to the shareholder shall distinctly
indicate: (1) his proportional share of the corporation's taxes, or of the taxes of any other entity holding title, without allowance for the deduction, and (2) the amount by which that share is reduced
for the period covered by the statement; and a copy of the statement shall be filed
with the tax collector. d. If a shareholder to whom a deduction has been allowed shall cease to be eligible for the deduction in the course of a tax year for which the deduction was allowed, the corporation
shall promptly notify the tax collector who shall take appropriate action for the collection or adjustment of the amount of
the deduction not actually used .
Frequently Asked Questions About New Jersey § 54:4-8
What does New Jersey Statutes § 54:4-8 cover?
Section 54:4-8 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 § 54:4-8?
A common citation format is "New Jersey Statutes § 54:4-8" (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 § 54:4-8 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.