After a successful tax appeal, what is the interest rate for refunded excess taxes?

The interest rate for refunded excess taxes after a successful tax appeal in New Jersey is set at 5% per annum. This rate is established by state law to ensure that taxpayers receive compensation for the delay in accessing their funds due to the overassessment of their property taxes.

The rationale behind applying an interest rate to the refunded amount is to make taxpayers whole and mitigate potential financial impacts caused by the overpayment. It's important to note that this rate is consistent with New Jersey's tax appeal regulations, which aim to provide clarity and fairness in the assessment and refund process.

Understanding this interest rate is crucial for property owners who may go through the appeal process, as it helps them to anticipate the financial implications and understand their rights upon successfully challenging their property assessments.