52:27D-389. Formula for allocation
Within each level of qualifying municipalities, the share of each qualifying municipality of the funds allocated to that level shall be determined by the following formula:
MS = (RD / ARD) x F
Where:
MS is the share, not to exceed $3,900,000, to be received by the qualifying municipality of the amount allocated to that level;
F is the amount allocated to that level;
ARD is the aggregate of the residential densities of all qualifying municipalities included in that level; and
RD is residential density for a qualifying municipality which shall be determined as follows:
RD = P x D x R2
Where:
P is the population of the qualifying municipality;
D is the population density of the qualifying municipality; and
R is the percentage, multiplied by 100, of the aggregate assessed valuation of the qualifying municipality which is residential (Class 2) and apartments (Class 4c) property.
L.1990,c.85,s.6. (*When "R2" is mentioned, read "2" as an exponent, thereby squaring the value of "R".)
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Last modified: October 11, 2016