RUMANA SPONSORED BILL GIVING TOWNS ACQUIRING FLOOD-PRONE LAND TAX-EXEMPT STATUS APPROVED BY ASSEMBLY
WASHINGTON, D.C. – January 29, 2013 – (RealEstateRama) — Bipartisan legislation co-sponsored by Assembly Republican Whip Scott Rumana, R-Passaic, Bergen, Essex and Morris, that would exempt flood-prone properties acquired by municipalities from county, school and fire district property taxes for the following tax year, was approved by the General Assembly on Monday.
Under current law, if a municipality acquires such a property after October 1, it must pay the county, school, and fire district property taxes owed for all or the remainder of the following tax year.
“This legislation will encourage towns that chronically deal with flood-prone areas to acquire these properties without incurring an immediate tax liability,” said Rumana, who as the former mayor of Wayne is quite familiar with the issue of flooding. “There are several viable approaches to limit and deal with a town’s exposure to flooding, as well as the financial consequences and heartache faced by a homeowner. This is a common sense bill that stipulates a purchase between the town and a property owner must be mutually agreeable. The buyout program is one more way to fix the problems created by flooding that have existed for generations in our state.”
The bill, A-3362, is also sponsored by Rumana’s Republican colleagues Holly Schepisi, Jack Ciattarelli, Mary Pat Angelini, Scott Rudder, Jay Webber and Amy Handlin.
Contact:
Assemblyman Scott Rumana / 973-237-1362
