NEW JERSEY 2010 LOCAL UNIT LEVY CAP LAW
P.L. 2007, c. 62, was amended by P.L. 2008 c. 6 and P.L. 2010 c. 44 (S-29 R1).
The last amendment reduces the 4% to 2% and modifies some of the exceptions and
exclusions. It also removes the LFB waiver. The voter referendum now requires a vote in
excess of only 50% which is reduced from the original 60% in P.L. 2007, c. 62.
SUMMARY LEVY CAP CALCULATION
LEVY CAP CALCULATION  
Prior Year Amount to be Raised by Taxation 12,872,833.49
Less:    
Less: Prior Year Deferred Charges to Future Taxation Unfunded 280,000.00  
Less: Prior Year Deferred Charges: Emergencies    
Less: Prior Year Recycling Tax    
Less:    
Less:    
Net Prior Year Tax Levy for Municipal Purpose Tax for CAP Calculation 12,592,833.49
Plus 2% CAP Increase 251,856.67
ADJUSTED TAX LEVY 12,844,690.16
Plus: Assumption of Service/Function  
ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS 12,844,690.16
ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS 12,844,690.16
Exclusions:  
Allowable Shared Service Agreements Increase    
Allowable Health Insurance Costs Increase    
Allowable Pension Obligations Increases 67,255.00  
Allowable LOSAP Increase 2,160.00  
Allowable Capital Improvements Increase 75,000.00  
Allowable Debt Service and Capital Leases Inc.    
Recycling Tax appropriation    
Deferred Charge to Future Taxation Unfunded 144,922.00  
Current Year Deferred Charges: Emergencies 1,350,000.00  
Add Total Exclusions 1,639,337.00
Less Cancelled or Unexpended Waivers  
Less Cancelled or Unexpended Exclusions 10,719.00
ADJUSTED TAX LEVY 14,473,308.16
Additions:  
New Ratables - Increase for new construction 1,378,700  
Prior Year's Local Purpose Tax Rate (per $100) 1.104  
New Ratable Adjustment to Levy 15,220.85
Amounts approved by Referendum    
Levy CAP Bank Applied    
MAXIMUM ALLOWABLE AMOUNT TO BE RAISED BY TAXATION 14,488,529.01
AMOUNT TO BE RAISED BY TAXATION FOR MUNICIPAL PURPOSES 12,967,331.07
OVER OR (UNDER) 2% LEVY CAP (1,521,197.94)
(must be equal or under for Introduction)
Sheet 3 - Levy CAP