Bill Text: NJ S1348 | 2014-2015 | Regular Session | Introduced
Bill Title: Revises certain procedures for real property tax appeals.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2014-02-27 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S1348 Detail]
Download: New_Jersey-2014-S1348-Introduced.html
Sponsored by:
Senator RONALD L. RICE
District 28 (Essex)
SYNOPSIS
Revises certain procedures for real property tax appeals.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning property tax appeals 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 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] the annual interest rate [of 5% per annum] promulgated by the State Treasurer, which interest rate shall be equal to the State Cash Management rate or the consumer price index rate, whichever is lower, 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.
(cf: P.L.2012, c.19, s.1)
2. This act shall take effect immediately.
STATEMENT
This bill would provide that whenever a taxpayer is successful in a real property tax appeal, the taxing district would pay to the taxpayer interest on any excess taxes paid at the annual interest rate equal to the State Cash Management rate or at the consumer price index rate, whichever is lower. Current law requires the interest payment to be calculated at a 5% annual rate.
