Sponsored by:
Assemblyman ROBERT J. KARABINCHAK
District 18 (Middlesex)
Assemblyman ANDREW ZWICKER
District 16 (Hunterdon, Mercer, Middlesex and Somerset)
Assemblyman RAJ MUKHERJI
District 33 (Hudson)
SYNOPSIS
Extends due date for third quarter property tax payments to July 15, 2020 without interest.
CURRENT VERSION OF TEXT
As introduced.
An Act extending the due date for the payment of third quarter property tax payments until July 15, 2020 without interest accruing thereon.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Due to the worldwide COVID-19 pandemic, the deadline for the payment of third quarter property taxes due on May 1, 2020 shall be extended without interest accruing thereon to July 15, 2020 and shall be payable on that date, or at the end of any grace period concluding at a later date, if established by a municipality pursuant to law. A third quarter property tax payment that is not paid by a property taxpayer by that date shall be assessed interest from July 15, 2020 to, and including, the date the property taxes are paid by the taxpayer. The provisions of this section shall not apply to property taxes due and owing by property taxpayers whose property tax payments are made from escrow accounts held by a bank or other financial institution holding a mortgage on the property for which the property taxes have been assessed and levied.
2. This act shall take effect immediately.
STATEMENT
This bill would extend the deadline for the payment of third quarter property taxes due on May 1, 2020 to July 15, 2020, without interest, in certain cases, due to the worldwide COVID-19 pandemic.
The bill provides that property taxes due and owing by a property taxpayer on May 1, 2020 would be extended without interest accruing thereon to July 15, 2020 and would be payable on that date, or at the end of any grace period concluding at a later date, established by a municipality pursuant to law.
The bill also provides that a third quarter property tax payment that is not paid by a property taxpayer by that date would be assessed interest, notwithstanding the provisions of R.S.54:4-67, from July 15, 2020 to the date the property taxes are paid by the taxpayer.
The provisions of the bill would not apply to property taxes due and owing by property taxpayers whose property tax payments are made from escrow accounts held by a bank or other financial institution holding a mortgage on the property for which the property taxes are assessed and payable, because property taxes have already been collected from the property taxpayer through mortgage payments, and are currently being held by the bank or other financial institution for payment to municipalities on May 1, 2020.