As the COVID-19 pandemic brings sectors of the economy to a halt, Assemblyman Robert Karabinchak (D-Middlesex) is proposing legislation to extend New Jersey’s property tax deadline to match the federal and state income tax extensions.
Intended to help all taxpayers, the proposed bill would move the deadline for residential and commercial property taxes from May 1st to July 15th with no penalties, late fees, or interest. Such an extension serves to help residents weather the current economic difficulties and prevent any negative long-term impacts on credit profiles.
“All New Jerseyans will be impacted by the financial crisis resulting from COVID-19,” said Assemblyman Karabinchak. “People should not have to choose between paying for groceries and medication or paying their property taxes because they have been ordered to stay at home and have consequently lost income.”
This crisis has affected and will continue to affect everyone in the nation, but those bearing the brunt of it are small business owners and residential taxpayers who were already living paycheck to paycheck
“It is necessary to support our residential families and local business owners, who are the foundation of every New Jersey community,” Karabinchak added. “Extending the property tax deadline to July 15th will allow these individuals to focus on their immediate needs, ensure that their credit does not diminish, and prevent small businesses from having to permanently shut their doors.”
Under the proposed legislation, the State would also accept partial payment from those who can pay. However, in these instances, the total sum for the first quarter would need to be paid by the end of 2020.