A new law affects the refund of New Jersey property taxes. In the case of a refund, the taxing district must now pay interest calculated at an annual rate of either 5% or 1% above the prime rate, whichever is less. The law also requires that, for a nonresidential property, the municipality refund these excess taxes within three years. An exception: If the dollar amount of the recovery is below $100,000, the excess taxes paid and interest must be paid within 60 days of the final judgment. The new rules are in effect for appeals filed after Aug. 9, 2019. (L. 2019, A2004) Contact the Cg Team for more information. © 2019