This bill amends R.S.54:4-67 to allow municipalities in New Jersey to waive interest on certain delinquent property tax payments under specific conditions. It permits a municipality to not charge interest if a taxpayer mails a paper check for property tax that is postmarked at least one day before the due date but is delivered late due to postal service mishandling. The bill outlines that the taxpayer must provide proof of mailing in accordance with the specified conditions, including that the check was correctly addressed and not delivered before the grace period ends. Additionally, the municipality's governing body must adopt a resolution stating that interest will not be charged if the payment is made by the first day of the next month after the due date.

The bill also retains existing provisions regarding interest rates for delinquent payments and the process for municipalities to notify taxpayers of any changes in interest rates. It emphasizes that the resolution to waive interest is subject to approval if the municipality is under state supervision or has agreements related to state aid. This legislation aims to provide relief to taxpayers who may face penalties due to delays caused by postal service issues, thereby promoting fairness in property tax collection. The act will take effect immediately and apply to property tax payments due after 90 days from the effective date.