Delinquent tax interest
Interest your town charges on late property taxes. State law caps it at 8% a year on the first $1,500 overdue and 18% a year above that. A town may also add a year-end penalty of up to 6% if over $10,000 is still unpaid.
New Jersey example
Say you're $4,000 behind and your town uses the maximum rates. Interest runs at 8% on the first $1,500 ($120 a year) and 18% on the other $2,500 ($450 a year), about $570 a year, counted from the due date. The overdue total includes all unpaid taxes and town charges on the property, not just one quarter.
Official source
P.L.2020, Chapter 34 (amends R.S.54:4-67, interest and grace period on property taxes)
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.