New Legislation Could Deny Property Owners Full Refund of Excess Taxes Up to Three Years

 According to a recent article in the Asbury Park Press , Assembly Bill No. 3056, as introduced June 24, 2010, would allow municipalities to reimburse the payment of excess taxes over three years.  A Statement appended to the bill adds that “[t]his legislation is intended to relieve municipalities of the burden of paying property tax refunds within a relatively short period of time [because] many municipal governments are experiencing greater fiscal pressures due to the current economic conditions.”  Under current New Jersey law, a municipality has sixty days after the appeal is final to make a full payment of any excess taxes paid plus 5% annual interest. 

 A copy of the legislation can be found here. 

The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.