New Jersey § 5:10a-53

§ 5:10a-53.

a. In the adjustment year of the year of enactment of P.L.2015, c. 19 ( C.5:10A-1 et al.) , and in each adjustment year thereafter, the commission shall establish an intermunicipal

account and shall compute the amount payable to the account by each of the constituent municipalities and the amount due to each constituent municipality from said account for that year pursuant to sections 1 through 68 of P.L.2015, c. 19 ( C.5:10A-1 et seq. ). b. As used in this section, except as otherwise specifically provided, the increase

or decrease in aggregate true value of taxable real property for any adjustment year

shall be the difference between: (1) The aggregate true value of that portion of taxable real property, exclusive of

Class II railroad property, in the constituent municipality located within the district

in the comparison year, and (2) The aggregate true value of that property in the base year. c. Aggregate true value of all taxable real property shall be determined by aggregating

the assessed value of all real property within the district boundaries in each constituent

municipality, and dividing the total by the average assessment ratio, as promulgated

by the Director of the Division of Taxation in the Department of the Treasury for

State school aid purposes, on October 1 of the respective years for which aggregate

true value is to be determined, pursuant to P.L.1954, c. 86 ( C.54:1-35.1 et seq. ), or as modified by the tax court. d. For the purpose of calculating aggregate true value, the assessed value of taxable

real property for any given year shall comprise the sum of the following: (1) The assessed value shown on the assessment duplicate for a given year, as certified

by the county board of taxation and reflected in the county table of aggregates prepared

pursuant to R.S.54:4-52 , or as modified by the county board of taxation ; (2) The prorated assessed values pertaining to such year, as certified by the county

board of taxation on or before October 10, with respect to the assessor's added assessment

list for such year, as the same may be modified by the county board of taxation upon

appeal; and (3) The assessed values pertaining to a given year, as certified by the county board

of taxation, with respect to the assessor's omitted property assessment list for that

year, as the same may be modified by the county board of taxation upon appeal. e. If, during any comparison year, a constituent municipality has received a payment

in lieu of real estate taxes on property located within the district, then, for the

purpose of calculating the increase or decrease in the municipality's aggregate true

value under subsection b. of this section, there shall be added to the aggregate true

value for such comparison year an amount determined by dividing the amount of the

in lieu payment by the municipal tax rate for the comparison year and dividing the

result by the average assessment ratio for school aid purposes as promulgated by the

Director of the Division of Taxation in the Department of the Treasury. f. The amount payable to the intermunicipal account by each constituent municipality

in any adjustment year shall be determined in the following manner: the apportionment

rates calculated for the comparison year shall be multiplied by the increase, if any,

in aggregate true value of taxable real property for such year; provided however,

that the amount payable to the intermunicipal account in any adjustment year shall

be limited to 40 percent of the amount calculated pursuant to this subsection.