April 18, 2014 Real Property Tax Freeze Credit: Adoption of a “Freeze-Compliant Budget”
KEEPING YOU INFORMED…
The “Real Property Tax Freeze Credit,” a new tax credit available to eligible taxpayers residing in a municipality that adopts a “freeze-compliant budget,” was adopted as part of the 2014-2015 State Budget. Residents will be eligible to receive this tax credit in the first year the credit is available (the specific year depends on the type of municipality) if a municipality (including a school district) adopts a budget that stays within the applicable State tax levy cap requirements. The credit will be available for a second year if the municipality stays within the tax cap and develops a State-approved government efficiency plan. This memorandum outlines what you need to do to adopt a “freeze-compliant budget” that will allow your eligible residents to claim this new tax credit.
THIS MEMORANDUM IS MEANT TO ASSIST IN THE GENERAL UNDERSTANDING OF CURRENT LAW. IT IS NOT TO BE REGARDED AS LEGAL ADVICE. THOSE WITH PARTICULAR QUESTIONS SHOULD SEEK THE ADVICE OF COUNSEL.
© Lamb & Barnosky, LLP 2014