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.
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