NJ A4402

Requires municipalities to apportion property tax assessment appeal refunds among the municipality, county, school districts, fire districts, and other taxing districts based on their pro rata share.

Municipal tax collectors must notify county, school districts, fire districts, and other taxing districts of their proportionate share of refunds paid during the tax year for inclusion in subsequent annual budgets.

In the year following refund payments, municipal tax collectors will deduct each entity's pro rata share from the amounts otherwise payable to counties, school districts, and fire districts.

Currently, only counties share the burden of property tax appeal refunds with municipalities through the county tax equalization process; this bill expands that responsibility to school and fire districts.

The bill takes effect immediately upon enactment.