New Jersey's 26th Legislative District

Senator Joe Pennacchio

Senator Joe Pennacchio

Now Law: Pennacchio Bill Helping Towns Manage Successful Property Assessment Appeals

Please Share:

Bookmark and Share

Senator Joe Pennacchio’s legislation easing the burden on municipalities faced with refunding excess property taxes was signed by the Governor today.

Sen. Joe Pennacchio’s legislation allowing municipalities to issue property tax credits to homeowners who successfully appeal their assessments was signed into law. (Pixabay)

Under the new law, A-862/S-926, towns will be authorized to issue property tax credits to homeowners who successfully appeal their assessments rather than issuing payments that can create financial pressures on cash-strapped towns.

“Previously, municipalities were required to refund the money within 60 days of the county board of taxation’s decision,” said Pennacchio (R-26). “Due to revenue constraints, that isn’t enough time to free up the money for many towns.

“Local governments hit with a barrage of successful appeals could find themselves in a bind,” Pennacchio noted. “Allowing them to issue credits against property taxes due the following year makes it easier to manage the municipality’s financial obligations.”

The property tax credits issued under the new law, which would include any interest accrued until the total refund is satisfied, would only be issued for up to three consecutive years, after which any outstanding balance owed to a taxpayer would be paid in full immediately.

Similar Posts on SenateNJ.com

Leave a Comment:

Comment Rules: Please remain civil, stay on topic, and refrain from using foul or abusive language. Posts that violate those rules may be hidden or deleted, and repeated violators may be blocked. To prevent spam, comments with links are automatically filtered.

District 26 Guide

Joe Pennacchio's Biography

Joe Pennacchio

Joe's Bio & Public Service

Constituent Services

Constituent Services

Joe Can Help You!

Contact

Contact Joe

Joe Wants to Hear from You!

District 26

District 26

About the Legislative District

Email Updates

Email Updates

Sign Up for Joe's Newsletter

Facebook

Facebook

Follow Joe's Page

Internships

Internships

Students - Get Involved

Legislatitve Activity

Legislative Activity

Committees, Bills & Votes

Twitter

Twitter

Tweet @joepennacchio

Joe's Recent Posts

- Proudly Serving Parts of Essex, Morris and Passaic Counties -