54:1-35.43. Determination of eligible properties
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5. a. Upon the receipt of a certified copy of the ordinance, the director shall conduct a final review of the tax duplicate for the municipality, and make a final determination of which parcels of real property in the municipality are eligible properties.
b. The director shall determine the amount of the revaluation relief abatement for each eligible property for the revaluation year as follows:
RRA = 0.80 (A-B)
where:
"RRA" equals the revaluation relief abatement for the eligible property;
"A" equals the tax liability produced by multiplying the constant rate factor for the municipality for the revaluation year times the net assessed value of the eligible property as it appears on the assessor's duplicate for the revaluation year; and
"B" equals the tax liability produced by multiplying the general tax rate for the municipality for the base year times the net assessed value of the eligible property as it appeared on the assessor's duplicate for the base year.
L.1993,c.101,s.5; amended 1999, c.216, s.5.