TRENTON – Gov. Chris Christie announced Monday taking action on two bills pending approval.
The governor signed the following bills into law:
A1591/S1213, which will create a real property assessment demonstration program to demonstrate a more cost-effective and accurate process of real property assessment administration, according to the bill.
Under the provisions of the proposal, not more than four counties may participate; not more than two in the first two full tax years after the bill’s enactment, and not more than two more in the third and fourth full tax years after the bill’s enactment.
The demonstration program will specifically address the systemic costs which result from the losses due to successful assessment appeals.
A2856/S2159, was also signed into law. The proposal will require compliance with various sections of the federal Internal Revenue Code by pension funds for board of education employees of first-class counties.
The Board of Education Employees’ Pension Fund of Essex County, which has been a closed pension system since 1980, is the only pension fund currently operating under those statutes. The proposal amends provisions of the pension fund, as recommended by the fund’s actuary, to comply with various sections of the federal Internal Revenue Code applicable to governmental plans.