NJ S4468

Replaces the fixed 1.5% per month interest rate on unpaid sewerage and municipal authority service charges with a variable rate tied to the "prevailing municipal bond yield" (based on the Bond Buyer 20-Bond Municipal Bond Index), compounded annually

Changes the maximum interest rate on delinquent municipal taxes and assessments from the current 8% per annum on the first $1,500 and 18% on amounts above $1,500 to a rate not exceeding three percentage points above the prime rate

Requires a 30-day grace period before interest can begin accruing on unpaid water and sewer utility charges from sewerage authorities, municipal authorities, and the New Jersey Water Supply Authority

Applies the new interest rate structure to unpaid rates, rentals, connection fees, and other charges under the Municipal and County Sewerage Act and the County and Municipal Water Supply Act

Takes effect for all charges, rates, fees, taxes, and assessments that become due on or after the first day of the first fiscal year beginning at least 120 days after enactment