Upon notification by the director of the amount of revenue sharing funds due, the governing body of each municipality shall anticipate such revenues in its budget for the succeeding year and shall apply all such revenues to the reduction of the property tax levy.
N.J. Stat. Ann. § 54A:10-7
Anticipation of revenues in municipal budget; reduction of property tax levy
Known as the State Revenue Sharing Act
The act spans §§ 54A:10-1 to 54A:10-9 (12 sections).
L.1976, c. 73, s. 7.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.