§ 52:27BBBB-22 — Remitted portion of payment to county and school district.

New Jersey § 52:27BBBB-22

• Jurisdiction: New Jersey
• Title 52: STATE GOVERNMENT, DEPARTMENTS AND OFFICERS

Text

5. a. Annually, beginning in calendar year 2017 and ending on December 31, 2026, a portion of the payment in lieu of property tax moneys collected pursuant to section 3 of P.L.2016, c.5 (C.52:27BBBB-20) shall be remitted to the county and the school district for their own purposes. b. Notwithstanding the provisions of any other law to the contrary, for calendar years 2022, 2023, 2024, 2025, and 2026, a portion of the funds collected by Atlantic City from the payment in lieu of property taxes pursuant to section 3 of P.L.2016, c.5 (C.52:27BBBB-20), shall be allocated as follows: beginning in calendar year 2022, the portion of the payment in lieu of property taxes collected pursuant to section 3 of P.L.2016, c.5 (C.52:27BBBB-20) that is allocated to Atlantic County shall be the same as 2021, with the allocation in each year thereafter increasing by two percent from the preceding year; provided, however, in the case of an upward adjustment pursuant to subparagraph (h) of paragraph (3) of subsection c. of section 3 of P.L.2016, c.5 (C.52:27BBBB-20) in calendar year 2023 or 2024, the portion of the payment in lieu of property taxes allocated to Atlantic County shall be increased by $1,350,000 in the year of the upward adjustment and shall thereafter increase by two percent from the preceding year, and in the case of an upward adjustment that occurs in calendar year 2025 or 2026, the portion of the payment in lieu of property taxes allocated to Atlantic County shall be increased by $1,200,000 in the year of the upward adjustment and shall thereafter increase by two percent from the preceding year; and provided further that in the case of a downward adjustment pursuant to subparagraph (h) of paragraph (3) of subsection c. of section 3 of P.L.2016, c.5 (C.52:27BBBB-20) in calendar year 2023 or 2024, the portion of the payment in lieu of property taxes allocated to Atlantic County shall be decreased by $1,350,000 in the year of a downward adjustment and shall thereafter increase by two percent from the preceding year and in the case of a downward adjustment that occurs in calendar year 2025 or 2026 the portion of the payment in lieu of property taxes allocated to Atlantic County shall be decreased by $1,200,000 in the year of the downward adjustment and shall thereafter increase by two percent from the preceding year. c. Notwithstanding the provisions of any other law to the contrary, beginning in calendar year 2022, the portion of the payment in lieu of property taxes collected pursuant to section 3 of P.L.2016, c.5 (C.52:27BBBB-20) that is allocated to the Atlantic City School District shall be the same as 2021, with the allocation in each year thereafter increasing by two percent from the preceding year; provided, however, in the case of an upward adjustment pursuant to subparagraph (h) of paragraph (3) of subsection c. of section 3 of P.L.2016, c.5 (C.52:27BBBB-20), the portion of the payment in lieu of property taxes allocated to the Atlantic City School District shall be increased by $3,500,000 in the year of the upward adjustment and shall thereafter increase by two percent from the preceding year; and provided further that in the case of a downward adjustment pursuant to subparagraph (h) of paragraph (3) of subsection c. of section 3 of P.L.2016, c.5 (C.52:27BBBB-20), the portion of the payment in lieu of property taxes allocated to the Atlantic City School District shall be decreased by $3,500,000 in the year of a downward adjustment and shall thereafter increase by two percent from the preceding year. L.2016, c.5, s.5; amended 2021, c.315, s.5.