What is the statutory due date for the first quarter property tax payment in New Jersey?

The correct answer indicates that the statutory due date for the first quarter property tax payment in New Jersey is February 1st. This aligns with the state's timeline for tax billing, where property owners are required to make their first installment payment by this date. Timing is crucial for both property owners and tax assessors, as this payment helps ensure that municipalities have the necessary funds to operate and provide services throughout the year.

In New Jersey, property taxes are typically collected quarterly, and the February 1st deadline for the first quarter is established to allow municipalities to determine funding needs early in the year. By setting the due date at this point, local governments can effectively manage their cash flow and budget efficiently for the coming months. Understanding this deadline is essential for compliance and for avoiding potential penalties that might arise from late payments.