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The original item was published from 5/6/2020 4:27:57 PM to 5/6/2020 4:31:25 PM.

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Borough of Red Bank News

Posted on: May 6, 2020

[ARCHIVED] Red Bank Mayor & Council Extend 2nd Quarter Tax Grace Period

Borough of Red Bank, New Jersey

The Borough of Red Bank Mayor & Council held a special meeting on Friday, May 1, 2020 at 3 p.m.  following the issuance of Executive Order #130 signed by Governor Murphy on Tuesday, April 28, 2020.  The meeting was held electronically and announced on the Borough website on April 29, 2020.  The sole purpose of the special meeting was to consider the extension of the grace period for 2nd quarter 2020 property tax payments.  The property tax payment deadlines are set by New Jersey State Statute and may only be changed when authorized by the State.  Under existing law, towns may only allow for a grace period of up to 10 days after the property tax deadline without interest or penalty.  Prior to Executive Order #130, there was no mechanism in the law to allow municipalities to extend the grace period as a result of a public health-related emergency.  Executive Order No. 130 allowed municipalities to extend the grace period for property tax payments due on May 1st to June 1st. Such an extension would provide much-needed relief to homeowners struggling financially as a result of the COVID-19 pandemic.  This will enable homeowners to pay their taxes a month after they are due without incurring any interest costs or penalties.

On Friday, May 1, 2020, the Mayor & Council voted unanimously to adopt Resolution #20-120 extending the grace period to the close of business on Monday, June 1, 2020.  Any payments received after the close of business on June 1, 2020 for the second quarter of 2020 property taxes would be charged interest back to the due date of May 1, 2020 as required by State Statute.  Click here to read Resolution #20-120.

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