N.J. Admin. Code § 5:33-3.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:33-3.5 - Owner obligations

(a) Within 30 days after receipt of a Notice of Tax Reduction, every owner shall:

1. Post and maintain in a prominent place on the qualified property a notice listing each different rent category and the corresponding amount of monthly and annual rebate due the residential tenants in those categories, after allowance for commercial and owner occupancy. A photocopy of the Rent Rebate Certificate may be used for this purpose;

2. Calculate the first rent rebate in accordance with the following schedule:

i. When notices are received on or before November 1, the first rebate shall be cumulative from January 1 to the month after receipt; and

ii. When notices are received after November 1, the first rebate shall be for not less than one-seventh of the total rebate amount;

3. Distribute the first rent rebate as calculated pursuant to (a)2 above within 30 days from the time the Notice was received; and

4. Complete and return the Rent Rebate Certificate to the agency office at the address given on the front of the notice.

(b) After the first rebate, owners shall continue to issue rebates in equal monthly installments until completed in accordance with the following schedule: by December 31 for notices received on or before November 1, and by the following June 30 for notices received after November 1.

(c) Every owner shall make best efforts to notify former tenants of their rebate entitlement for the months they were renters.

1. A certified letter, return receipt requested, mailed to the tenant's last known address, shall be considered as being within the realm of an owner's best efforts.

2. Unclaimed rebates shall be held for one year, pending possible claim; thereafter, they shall revert to the owner with no further obligation.

(d) Any owner who receives a revised Tax Reduction Notice shall immediately adjust the remaining allocations in accordance therewith, provided that no owner shall be entitled to recover any part of a rebate already paid or credited.

N.J. Admin. Code § 5:33-3.5