Requires cost-benefit analyses for long term tax exemption, and requires DCA to create database of exemptions; requires five-year tax exemption and abatement agreements to be filed with certain county officials.
Requires municipalities to share certain payments in lieu of property taxes with school districts; informs counties, school districts, and DCA of certain information related to property tax exemptions and abatements.
Requires municipalities to file copies of tax abatement and exemption agreements with county chief financial officer and county counsel within 10 days of execution.
AN ACT Relating to the property tax exemptions for new and rehabilitated multiple-unit dwellings in urban centers without extending the expiration date of the exemptions or expanding the exemptions to conversions of market rate residential buildings to affordable housing;