What is the effective date of exemptions for new real estate development in New Jersey?

The effective date of exemptions for new real estate development in New Jersey is established as occurring upon completion and the issuance of a certificate of occupancy. This means that the property must be fully constructed and deemed livable by local authorities before it qualifies for tax exemptions.

This process ensures that the development is not only finished but also meets all safety and zoning regulations, confirming it is ready for occupancy. Tax exemptions are typically linked to the property being used for its intended purpose and the issuance of a certificate of occupancy serves as official recognition that the property is complete and available for use.

The other options do not align with this standard. For instance, while fiscal year timelines and municipal approvals are crucial in the broader context of property tax calculations and government procedures, they do not specifically pertain to the timing of exemption effectiveness in relation to new developments. Only upon completion and certification that the property is habitable can exemptions be applied, making this the definitive trigger for such tax considerations.