Effective Date: September 1st, 2019
Key points:
Inventory of State-Owned Land:
By October 15, 2019, and annually thereafter, each state agency and institution of higher education must submit to the Capital Development Committee a list of all non-developed real property they own or control.
The Division of Housing within the Department of Local Affairs is required to provide a link to this inventory on its website.
Property Tax Exemption Adjustments:
The act modifies the administration of existing property tax exemptions for certain affordable housing developments.
This legislation aims to identify potential sites for affordable housing projects and streamline tax exemptions to encourage development in this sector.
