A bill that increases the time municipalities have to refund successful nonresidential property tax appeals from 60 days to three years was signed into law by Gov. Phil Murphy today.
While the New Jersey Business & Industry Association was appreciative for minor amendments added to bill A2004, Vice President of Government Affairs Andrew Musick said the large increase in time for the repayment period is “overly burdensome” and an example of how New Jersey’s business community is not being treated fairly compared to residential taxpayers.
“Requiring business owners to wait this much longer to recoup their overpayments, when some have invested years in pursuing a successful property tax appeal, is neither fair nor reasonable.”
The bill’s sponsors have said the change from 60 days to three years was needed because it can be difficult for a municipality to pay larger amounts of some business appeals quickly.
Musick, however, said that “traditionally, commercial and residential property taxpayers have always been treated the same. We remain steadfast that uniformity in repayment periods for both should remain.”
Musick’s full statement can be found here.