Politics & Government
Lawmakers Pass Flood Buyout Tax Relief Bill
The bill would protect towns which purchase flood-prone properties from having to pay school, county and fire district taxes.
A new bill would protect New Jersey towns from having to pay county, school and fire district taxes on flood-prone properties they purchase through a state program.
The bill, S-2256/A-3362, was approved by both the New Jersey Senate and Assembly Monday. It was sponsored in the Senate by District 38 Sen. Bob Gordon and in the Assembly by Asm. Timothy Eustace, among other legislators.
Saddle Brook has received $487,500 through the state's Blue Acres program for flood buyouts. Towns which buy properties through the program currently must pay the county, school and fire district taxes for the following year.
"It is an unfair burden on towns when they are expected to essentially pay taxes on properties in which they are no longer receiving revenue," Gordon said in a press release. "We need to provide incentives to towns to take advantage of initiatives like the Blue Acres program to help rescue residents from flood-prone neighborhoods."
The bill will next go to Gov. Chris Christie for final approval.
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