SENATE COMMUNITY AFFAIRS COMMITTEE

STATEMENT TO

SENATE, No. 138

STATE OF NEW JERSEY

DATED: MARCH 7, 1996

      The Senate Community Affairs Committee reports favorably Senate, No. 138.

      This bill would require every owner of an income producing apartment property to provide an accounting of the net income from the property to the tax assessor upon the assessor's written request. The bill specifies that in establishing "net income," the property owner would subtract all expenses attributable to the property other than maintenance code violations.

      This bill was prefiled for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.