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Bill > S926
NJ S926
NJ S926Permits municipalities to refund excess property taxes paid by taxpayer who wins assessment appeal as property tax credit.
summary
Introduced
01/27/2020
01/27/2020
In Committee
11/15/2021
11/15/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill would permit municipalities to refund excess property taxes paid by a taxpayer who wins an assessment appeal as a property tax credit against property taxes due and payable on the parcel of real property immediately following the county board of taxation's decision, or the Tax Court judgment, as appropriate. This bill is intended to relieve municipalities from the pressure of paying property tax appeal refunds not later than 60 days after the date of determination of the county board of taxation or the tax court judgment, as the case may be, which is a relatively short period of time. Many municipal governments experience fiscal pressures due to increases in costs and revenue constraints. This bill would allow municipalities to better manage the payment of property tax refunds by providing refunds as a credit against property taxes due and payable in the current tax year, or succeeding tax years.
AI Summary
This bill would permit municipalities to refund excess property taxes paid by a taxpayer who wins a property tax assessment appeal as a credit against the taxpayer's future property tax payments, rather than requiring the municipality to pay the refund within 60 days. This is intended to help municipalities manage the fiscal pressures of paying these refunds in a relatively short time frame, by allowing them to provide the refund as a credit that can be applied to the taxpayer's future property tax bills.
Committee Categories
Housing and Urban Affairs
Sponsors (3)
Last Action
Substituted by A862 (1R) (on 12/20/2021)
Official Document
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