RUMANA SPONSORED BILL GIVING TOWNS ACQUIRING FLOOD-PRONE LAND TAX-EXEMPT STATUS APPROVED BY ASSEMBLY

WASHINGTON, D.C. – January 29, 2013 – (RealEstateRama) — Bipartisan legislation co-sponsored by Assembly Republican Whip Scott Rumana, R-Passaic, Bergen, Essex and Morris, that would exempt flood-prone properties acquired by municipalities from county, school and fire district property taxes for the following tax year, was approved by the General Assembly on Monday.