Senator BARBARA BUONO
District 18 (Middlesex)
Permits municipality to pay commercial and industrial property tax refunds for tax years 2010 through 2011 over subsequent three local budget years.
CURRENT VERSION OF TEXT
As reported by the Senate Community and Urban Affairs Committee on May 12, 2011, with amendments.
An Act concerning satisfaction of certain commercial and industrial property tax appeal judgments.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Notwithstanding the provisions of section 2 of P.L.1975, c.361 (C.54:3-27.2) or any other law to the contrary, in the event that a taxpayer is successful in an appeal from an assessment on commercial, industrial, or other non-residential real property for 1any1 tax year 1from1 2010 1through 20111, the respective taxing district may, at its sole discretion, refund any excess taxes paid, together with interest thereon from the date of payment at a rate of 5% per annum, less any amount of taxes, interest, or both, which may be applied against delinquencies pursuant to section 2 of P.L.1983, c. 137 (C. 54:4-134), over the period of time concluding on the last day of the third local budget year next succeeding the date of final judgment.
2. This act shall take effect immediately, and shall be applicable only to the payment of property tax appeal judgments for tax 1[year] years1 2010 1through 20111.