Senate Panel Approves Bill Providing Tax Relief to Towns Purchasing Flood-Prone Properties
Bipartisan bill to provide tax relief to towns that are acquiring flood-prone homes through the state's Blue Acres program.
A Senate panel on Monday approved bipartisan legislation sponsored on the democratic side by Assembly members Valerie Vainieri Huttle, Tim Eustace and Connie Wagner to provide tax relief to towns that are acquiring flood-prone homes through the state's Blue Acres program. The bill is sponsored on the republican side by Holly Schepisi and Jack Ciattarelli. The Senate sponsors of the bill are Robert Gordon (D) and Gerald Cardinale (R). The bill (A-3362/S-2256) would exempt certain properties acquired by municipalities after Oct. 29, 2012, when Superstorm Sandy hit, from county, school, and fire district taxes for the following tax year. Municipalities receive grants for acquiring flood-prone property for open space and conservation purposes …
