N.J.S.A. 54:4-8.27 — State payment to municipality, refund upon payment.

54:4-8.27 State payment to municipality, refund upon payment. 3. The State shall annually pay to the tax collector of each municipality the total amount of property tax deferred pursuant to section 1 of P.L.2015, c.277 (C.54:4-8.25) plus 2%, in the same manner as veteran's property tax deductions are reimbursed pursuant to section 5 of P.L.1997, c.30 (C.54:4-8.24). The tax collector of each municipality shall refund this amount to the State in installments upon collection of the deferred payments from the individual taxpayers along with any interest collected for payments made after the expiration of a taxpayer's grace period. L.2015, c.277, s.3.

This is the verbatim text of N.J.S.A. 54:4-8.27, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.