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: | Passaic City School District |
Jurisdiction type: | School District |
Fiscal year ending In: | 2019 |
Program name: | Five-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 taxes: | Property 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 dislosure: | The District's share of abated taxes resulting from this has not been determined. |