STATE OF NEW JERSEY
218th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2018 SESSION
Sponsored by:
Assemblywoman NANCY J. PINKIN
District 18 (Middlesex)
SYNOPSIS
Extends from 60 days to 120 days amount of time for municipality to refund excess property taxes paid following successful property assessment appeal.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act extending the time frame for the refunding of excess property taxes following a successful assessment appeal and amending P.L.1975, c.361.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.1975, c.361 (C.54:3-27.2) is amended to read as follows:
2. Except as required in paragraph (2) of subsection a. of section 2 of P.L.1983, c.137 (C.54:4-134), in the event that a taxpayer is successful in an appeal from an assessment on real property, the respective taxing district shall 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), within [60] 120 days of the date of final judgment.
(cf: P.L.2012, c.19, s.1)
2. This act shall take effect immediately.
STATEMENT
This bill would increase from 60 days to 120 days the time frame in which a municipality has to refund excess property taxes paid by a taxpayer who has won an appeal of a property assessment.
The property tax refund must include interest, at a rate of 5% per year, from the date the taxes were paid, and the municipality must subtract from that refund any delinquent amount of property taxes or interest thereon owed on the property.