New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 30 - LOCAL FINANCE BOARD
Subchapter 18 - MUNICIPAL AND COUNTY CHARITABLE FUNDS
Section 5:30-18.1 - Definitions

Universal Citation: NJ Admin Code 5:30-18.1
Current through Register Vol. 56, No. 18, September 16, 2024

The following words and terms, as used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Administrative costs" means costs attributable to operating a municipal or county charitable fund.

"Annual property tax credit cap" means the annual credit-eligible donation cap establishing the maximum total dollar amount of donations in a particular charitable fund that may be credited against an annual property tax bill.

"Charitable fund" means a fund established pursuant to NJ.S.A. 54:4-66.7 for one or more specific public purposes.

"Custodian of public funds" means the chief financial officer of a municipality or county or the person designated as the custodian of public funds for a school district.

"Delinquent property" means a property that has delinquent property taxes and/or municipal charges billed by the municipality. This term includes a property that has had delinquent taxes and/or municipal charges purchased by a lien holder at a tax sale.

"Director" means the Director of the Division of Local Government Services in the Department of Community Affairs.

"Individual credit-eligible donation cap" means the maximum dollar amount or percentage of a property tax bill that may be credited against the municipal, county, or school property taxes of an individual property owner.

"Local unit" means a municipality, county, or school district.

"Maximum cumulative credit-eligible donation cap" means the local unit budget multiplied by 85 percent, unless the Director approves a different percentage upon application by a local unit.

"Spillover fund" means a fund that holds donations for application against future annual property tax bills.

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