Title
Dept/Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service. Authorizing a grace period be granted for the payment of 2013 Third Quarter property taxes due August 26, 2013 to November 10, 2013
Purpose: Implement a temporary interest reduction program on delinquent taxes
Program Period: 10/9/12 through 11/30/12 only.
Additional Information
Body
[WHEREAS, the City of Newark has not adopted the budget for the calendar year 2013; and
WHEREAS, as a result, the Essex County Board of Taxation has recommended that the Tax Collector send out Estimated Third Quarter Bills; and
WHEREAS, a Revaluation conducted at the request of the City has taken effect for 2013, and any increases, errors and omissions in the tax bills are reflected in the 3rd Qtr. billing; and
WHEREAS, because the taxpayer has the right to file a Tax Appeal with the Essex County Board of Taxation if aggrieved by the increase, and the Tax Assessor must also file a Petition to correct any errors or omissions; and
WHEREAS, because the judgments required to adjust any increase or correct any error or omission in the tax bills will not be issued by the Essex County Board of Taxation before November 1st; and
WHEREAS, to avoid a possible cash flow shortage, the Administration has directed the Tax Collector to produce 2013 Third Quarter bills using the estimated rate authorized in resolution #7R5-B(s) 71113 which were mailed with a due date of August 26, 2013; and
WHEREAS, in fairness to the Taxpayers, and pursuant to N.J.S.A. 54:4-67, and other statutory authority granted to the Tax Collector, the due date for the 2013 3rd Qtr. bills (Real Property Taxes/Ad Valorem billing only) shall be extended, and the interest rate set at zero (0%) percent until November 10, 2013; and
WHEREAS, failure to pay the 2013 3rd Qtr. Real Property Tax Bill on or before November 10, 2013, will result in the assessment of interest (the rates so charged and approved by the City of Newark, which are 8% on the first $1,500.00 and 18% on any balance) being assessed from the statutory due date of August 1, 2013 to the date of payment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF NEWARK, NEW JERSEY THAT:
1. A grace period be granted for the payment of 2013 Third Quarter property taxes due August 26, 2013 to November 10, 2013.
2. Interest for the aforesaid period be set at zero percent (0%) for the 2013 Third Quarter only.
3. Failure to pay the 2013 Third Quarter real property taxes on or before November 10, 2013, will result in interest being assessed from the statutory due date of August 1, 2013, to the date of payment at the rates so charged and approved by the City of Newark, which are 8% on the first $1,500.00 and 18% on any balance.
Statement
A resolution to establish zero percent (0%) rate of interest for the 2013 Third Quarter Real Property Taxes (only) to November 10, 2013.