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.
State or Territory: | New Jersey |
Effected Jurisdiction: | Jersey City |
Jurisdiction type: | Municipality |
Fiscal year ending In: | 2019 |
Program name: | Various Tax Abatement Agreements |
Program purpose: | Urban Renewal |
Statutory authority: | Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. |
Abating jurisdiction(s): | Jersey City, NJ |
Applicable taxes: | Property Tax |
Method of abatement: | Tax Abatement |
Provisions for recapture: | (not specified) |
Gross revenue loss: | $96,086,287 |
Reimbursement / offset: | $127,317,215 |
Net revenue loss: | $0 |
Type of loss: | Active |
Additional notes on dislosure: | Reported in Jersey City CAFR. The city claims that it did not lose any revenue because it raised taxes to cover the abated amounts. |
Document source: | https://cdnsm5-hosted.civiclive.com/UserFiles/Servers/Server_6189660/Fil... |