State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-4 > 54-4-49

54:4-49.  Apportionment valuation;  amount to be apportioned among taxing districts;  debits and credits
    (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 and free county 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.

     Amended by L.1942, c. 79, p. 321, s. 1;  L.1956, c. 93, p. 189, s. 2; L.1957,  c. 8, p. 19, s. 1;  L.1963, c. 173, s. 6;  L.1975, c. 212, s. 38, eff. July 1,  1976.