54:4-8.27 State payment to municipality, refund upon payment.
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/nj/title-54/chapter-4/54-4-8-27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.