Guidance on Preparing for Tax Appeals - 02/02/2012

Local Finance Notice 2012-4 provides "Guidance on Preparing for Tax Appeals and Paying for their Impact; Including a Discussion of the Newly Enacted P.L. 2011, c. 224."  This Notice discusses issues in financing repayment of tax refunds under several fiscal circumstances.  It also reviews the new capability for financing current year appeals that result in a cash deficit due to tax appeals.

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Municipalities should start processing and mailing 1st quarter 2012 adjusted tax bills for recipients of 2010 Homestead Benefit Credits as described in Local Finance Notice 2011-31.  Tax Collection Vendors have received the files for their review and distribution. Please contact them to proceed with this process.  Collectors are reminded that homestead credits that have been applied to properties for the first quarter (February 2012) are not to be transferred or otherwise altered due to change in homeownership.  Once adjusted tax bills are produced, the Homestead Benefit Credit information can be treated as public information.  For questions, please contact Pat Turin at 609-292-6858 (pturin@dca.state.nj.us) or Margaret Saharic at 609-984-4185 (margaret.saharic@dca.state.nj.us).  
 

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Local Finance Notice 2011-31 describes the procedures for the 2010 Homestead Credit Benefit property tax bill credit.  This benefit, which reflects homeowner 2010 income, will provide a credit on the February 2012 property tax bill. The Notice explains the timing and related procedures which are similar to the tax credit process used this past May.

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