Provides counties discretion related to retirement of county debt service and amount that can be raised under property tax levy cap.

New Jersey Assembly Bill A4044 (A4044) modifies the county property tax levy cap law to allow counties to retain tax revenue capacity when paying off debt. Currently, retiring debt reduces the amount counties can raise through property taxes under the 2.5% annual cap. This bill changes that by automatically increasing a county's maximum allowable tax levy by the difference in debt service spending from the prior year, adjusted for the prime rate. The change directly affects New Jersey counties managing their budgets, enabling them to redirect funds previously tied to debt service toward other priorities without triggering the tax cap.