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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateNew Jersey
Effected JurisdictionPassaic City School District
Jurisdiction type: School District
Fiscal year ending In2019
Program nameFive-Year Exemption and Abatement
Program purpose: Construction/rehabilitation
Statutory authority: The Five-Year Exemption and Abatement Law (NJSA 40:21 et.seq.)
Abating jurisdiction(s): City of Passaic
Applicable taxesProperty Tax
Method of abatement: Payment In Lieu of Taxes (PILOT)
Provisions for recapture: If during any tax year prior to the termination of the tax agreement, the property owner ceases to operate or disposes of the property, or fails to meet the conditions for qualifying, then the property tax which would have otherwise been payable for each year shall become due and payable from the property owner as if no exemption and abatement had been granted.
Gross revenue loss: $185,819
Reimbursement / offset: $0
Net revenue loss: $185,819
Type of loss: Passive
Additional notes on dislosureThe District's share of abated taxes resulting from this has not been determined.