Allows municipalities to adjust deadline to apply for short-term exemption or abatement for dwellings; requires provision of notice to purchasers of dwellings in areas in need of rehabilitation under certain circumstances.

This bill (A2037) allows New Jersey municipalities to extend the deadline for homeowners to apply for short-term tax breaks on property improvements. Specifically, if a previous owner completed renovations but didn’t apply for a tax exemption within 30 days, a new homeowner can now file within one year of purchase. It also requires sellers to notify buyers in writing about unapplied improvements that could increase property taxes. The law targets properties in designated rehabilitation areas and aims to prevent unexpected tax increases for new owners. It modifies existing state law to clarify deadlines and add transparency in property transactions.