New Jersey Statutes 54:4-6.7. Payment of property tax rebate, credit
Terms Used In New Jersey Statutes 54:4-6.7
- Executor: A male person named in a will to carry out the decedent
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
The amount of each monthly property tax rebate or credit shall be equal to one-twelfth of the annual amount of the rebate or credit; provided, however, that the amount of the rebate or credit due the tenant at the time the rent is paid shall be rounded off such that any amount less than $0.50 shall be reduced to the next lower dollar and any amount $0.50 or higher shall be increased to the next higher dollar. Rebates shall be paid to a tenant only for the number of months during the calendar year the tenant has been in residence. A landlord shall use his or her best efforts to obtain the forwarding address of a tenant who is entitled to a rebate and who has moved from the rental premises.
An owner shall adjust the payment or crediting of a rebate immediately upon the receipt of and in accordance with a revised notice of property tax reduction pursuant to section 4 of P.L.1976, c.63 (C. 54:4-6.5); provided, however, that no amount of rebate previously paid or credited may be recovered by the owner.
In the case of a lease terminated pursuant to P.L.1971, c.318 (C. 46:8-9.1), any property tax rebate or credit due and owing prior to that termination of the lease shall be paid to the executor or administrator of the estate of the tenant or the surviving spouse of the tenant terminating the lease.
L.1976,c.63,s.6; amended 1977, c.81, s.5; 1985, c.317, s.3; 1998, c.15, s.4.