Bill Text: NJ A4364 | 2010-2011 | Regular Session | Introduced
Bill Title: Permits taxing districts to credit amount of excess taxes paid to first two quarterly payments of local budget year next following date of final judgment, after successful appeal.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-11-28 - Introduced, Referred to Assembly Housing and Local Government Committee [A4364 Detail]
Download: New_Jersey-2010-A4364-Introduced.html
Sponsored by:
Assemblyman RONALD S. DANCER
District 30 (Burlington, Mercer, Monmouth and Ocean)
SYNOPSIS
Permits taxing districts to credit amount of excess taxes paid to first two quarterly payments of local budget year next following date of final judgment, after successful appeal.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning appeals of assessments on real property, and amending P.L.1975, c.361 and supplementing Title 54 of the Revised Statutes.
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. In the event that a taxpayer is successful in an appeal from an assessment on real property, the respective taxing district [shall] may 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 days of the date of final judgment, or the taxing district may credit the amount of excess taxes paid toward the first two quarterly payments due and payable after the beginning of the local budget year next following the date of final judgment, pursuant to the adoption of such a policy by resolution. When a municipality adopts this policy, any amounts credited may be eligible for the rate of discount to be allowed for the payment of taxes or assessments previous to the date on which they would become delinquent under subsection a. of R.S.54:4-67.
(cf: P.L.1983, c.137, s.1)
2. (New section) In the event that a taxpayer is successful in an appeal to the Tax Court pursuant to R.S.54:3-21 or section 31 of P.L.1941, c.291 (C.54:29A-31), the respective taxing district may 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 days of the date of final judgment, or the taxing district may credit the amount of excess taxes paid toward the first two quarterly payments due and payable after the beginning of the local budget year next following the date of final judgment, pursuant to the adoption of such a policy by resolution. When a municipality adopts this policy, any amounts credited may be eligible for the rate of discount to be allowed for the payment of taxes or assessments previous to the date on which they would become delinquent under subsection a. of R.S.54:4-67.
3. This act shall take effect immediately.
STATEMENT
This bill provides that, in the event that a taxpayer is successful in an appeal from an assessment on real property, the respective taxing district may refund any excess taxes paid, together with appropriate interest, on or before the end of the local budget year next following the date of final judgment, or the taxing district may credit the amount of excess taxes paid toward the first two quarterly payments due and payable after the beginning of the local budget year next following the date of final judgment, pursuant to the adoption of such a policy by resolution. When a municipality adopts this policy, any amounts credited may be eligible for the rate of discount to be allowed for the payment of taxes or assessments previous to the date on which they would become delinquent under subsection a. of R.S.54:4-67.
Current law requires the taxing district to refund the excess taxes within 60 days of the date of final judgment; this bill would give taxing districts an alternative to borrowing money in a given local budget year to repay excess taxes, which only increases costs to taxpayers in subsequent budget years.
