Title
Dept./ Agency: Finance
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporarily Reduction on Interest Rates due to COVID-19 Public Health Crisis
Purpose: To implement a temporary interest reduction program on property taxes, delinquent property taxes, City-owned municipal liens and water and sewer charges.
Program Period: October 7, 2020 through December 31, 2020
Additional Information:
Current Rate Proposed Rate
8% on first $1,500.00 delinquency 0% on first $1,500.00 delinquency
18% on remaining balance 0% on remaining balance
body
WHEREAS, in early March 2020, Governor Philip D. Murphy issued Executive Orders declaring a State of Emergency and a Public Health Emergency posed by the novel Coronavirus ("COVID-19"); and
WHEREAS, on March 11, 2020 the World Health Organization declared COVID-19 to be a global pandemic, which has resulted in deaths worldwide; and
WHEREAS, in order to stem the spread of the virus and to save lives, Governor Murphy and Mayor Baraka issued Executive Orders which suspended all non-essential business operations and ordered individuals to stay home to save lives; and
WHEREAS, these steps instituted by the Governor and the Mayor to save lives, has effected residents' ability to work and provide for their families; and
WHEREAS, the Administration together with the Municipal Council recognizes that there is a need to assist property owners who are delinquent in their property taxes and to avoid any drastic increase in the 2020 tax rate, by offering a short term "Amnesty Interest Reduction Program"; and
WHEREAS, given the serious financial issues caused by the COVID-19 pandemic, the Administration and Municipal Council desires to set forth an Amnesty Interest Reduction Program to include delinquent Property Taxes, Water and Sewer Charges...
Click here for full text