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Assembly committee advances bill to tax unproductive institutional-owned residential properties
Summary
The Assembly Housing Committee voted to release A5424, a bill that would impose an annual $30,000 fee per unproductive residential property owned by institutional investors, aiming to encourage those owners to sell, rent, or improve idle units.
Assemblywoman Flynn called the housing shortage in New Jersey a “real crisis” as the Assembly Housing Committee advanced A5424, a bill that would impose an annual fee on institutional investors who own vacant or abandoned residential properties that are deemed unproductive.
The bill, sponsored in committee as A5424, would require an institutional investor that holds unproductive residential properties to pay a fee equal to $30,000 multiplied by the number of subject properties owned as of the last day of the calendar year, with proceeds paid to the Department of Community Affairs (DCA). The stated goal is to discourage long-term holding of unused residential units and…
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