TRENTON, NJ – Legislation sponsored by Assembly Democrats Roy Freiman, Vince Mazzeo and Joann Downey permitting taxpayers to make dedicated prepayment toward anticipated property taxes was signed into law Friday by Gov. Phil Murphy.
The law comes amid ongoing concern about how recent federal tax changes hurt New Jersey homeowners.
“Homeowners who took what they considered the necessary step of prepaying property taxes before the end of 2017 to counter the adverse federal tax changes will not be punished,” said Freiman (D-Somerset/Mercer/Middlesex/Hunterdon) and a resident of Hillsborough. “These federal tax changes were bad enough. The state had to be more flexible and find ways to assist New Jersey homeowners being unfairly, and this is a common sense step that will help.”
“In states like New Jersey where residents pay some of the highest property taxes in the nation, the effort to prepay your property taxes should never go unacknowledged,” said Mazzeo (D-Atlantic). “The new federal tax changes disproportionately affect homeowners for simply paying their property taxes in advance. That’s wrong, but this new law fixes that.”
“Federal tax changes already caused a lot of confusion for residents,” said Downey (D-Monmouth). “Homeowners who have prepaid their property taxes will now receive credit under the year they paid. The new federal changes hurt homeowners - and they should get credit where credit is due.”
The law takes effect immediately and is retroactive to July 1.