In what could become a growing trend, depending on anticipated tax collection shortfalls, experts at Ryan are aware that one New Jersey municipality is granting forgiveness of penalty and interest on late real estate tax payments. The Borough of Madison, New Jersey in Morris County has mailed letters advising it will waive interest and penalties on the first $10,000 of delinquent property taxes from April 9 through July 31, 2020. While there have been several bills passed by the New Jersey Legislature addressing state income and business tax relief, real estate tax relief has not been widespread.
Ryan’s New Jersey Property Tax practice will continue to provide updates on individual jurisdictions as they become available. Please continue to visit our COVID-19 site for updates and articles that span across various tax practices in the United States and Canada.
TECHNICAL INFORMATION CONTACT:
Kurt Lieberman
Principal
Ryan
215.253.6676
kurt.lieberman@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
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