52:27D-389. Formula for allocation

163 words·~1 min read·/nj/title-52/chapter-27d/52-27d-389

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Within each level of qualifying municipalities, the share of each qualifying municipality of the funds allocated to that level shall be determined by the following formula:

MS = (RD / ARD) x F

Where:

MS is the share, not to exceed $3,900,000, to be received by the qualifying municipality of the amount allocated to that level;

F is the amount allocated to that level;

ARD is the aggregate of the residential densities of all qualifying municipalities included in that level; and

RD is residential density for a qualifying municipality which shall be determined as follows:

RD = P x D x R2

Where:

P is the population of the qualifying municipality;

D is the population density of the qualifying municipality; and

R is the percentage, multiplied by 100, of the aggregate assessed valuation of the qualifying municipality which is residential (Class 2) and apartments (Class 4c) property.

L.1990,c.85,s.6. (*When "R2" is mentioned, read "2" as an exponent, thereby squaring the value of "R".)