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

This bill allows New Jersey counties to use property tax revenue for debt payments without counting those payments toward the 2.5% annual limit on property tax increases. It amends existing law to explicitly include all debt service (such as bond payments) as an exception to the tax levy cap, removing this cost from the calculation that determines allowable tax hikes. The policy directly affects counties by giving them greater flexibility to fund outstanding bonds and loans without triggering the cap. This change simplifies budgeting for debt obligations while maintaining the overall tax increase limit for other spending.