SCHEPISI-CIATTARELLI BILL GIVING TOWNS ACQUIRING FLOOD-PRONE LAND TAX-EXEMPT STATUS APPROVED BY ASSEMBLY

WASHINGTON, D.C. – January 29, 2013 – (RealEstateRama) — Bipartisan legislation sponsored by Assemblywoman Holly Schepisi, R-Bergen and Passaic, and Assemblyman Jack Ciattarelli, R-Somerset, Hunterdon, Mercer and Middlesex, 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.