Section 54:1-70 - DefinitionsAs used in this act:
a. "Base year" means the calendar year 1980 prior to any successful tax appeal.b. "Board" means the Pinelands Municipal Property Tax Stabilization Board created pursuant to section 4 of this act.c. "Current tax year" means the most recent year for which a report is filed pursuant to section 6 of this act.d. "Director" means the Director of the Division of Taxation in the Department of the Treasury.e. "Pinelands National Reserve" means the approximately 1,000,000 acre area so designated by section 502 of the "National Parks and Recreation Act of 1978," Pub.L. 95-625(16 U.S.C. s. 471 i) and generally depicted on the map entitled "Pinelands National Reserve Boundary Map" numbered NPS/80.011A and dated September, 1978.f. "Qualified municipality" means any municipality located, in whole or in part, in the Pinelands Area as designated in the "Pinelands Protection Act," P.L. 1979, c. 111 (C. 13:18A-1 et seq.).g. "Tax rate" means that portion of the effective property tax rate for the current tax year which reflects local taxes to be raised for district school purposes and local municipal purposes, calculated by dividing the total of column 12, section C by net valuation on which county taxes are apportioned in column 11, both as reflected in the Abstract of Ratables for the current tax year, and expressed as a rate per $100.00 of true value.h. "True value of vacant land" or "true value" means the aggregate assessed value of vacant land divided by the average ratio of assessed-to-true value of real property (commonly known as the equalization rate) promulgated by the director and published in the table of equalized valuation.i. "Valuation base" means the change in the aggregate true value of vacant land directly attributable to the implementation of the "Pinelands Protection Act," P.L. 1979, c. 111 (C. 13:18A-1 et seq.) in a qualified municipality when comparing the current tax year to the base year.L.1983, c.551; amended by L.1987, c.320, s.1.