Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Reducing Interest Rates charged on delinquent property taxes, water and sewer charges, and City-owned Municipal Tax Liens
Purpose: To implement a temporary Interest Reduction Program on delinquent taxes, water and sewer charges, and City-owned Municipal Tax Liens.
Program Period: November 1, 2021 through December 31, 2021, only
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
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WHEREAS, although the City of Newark is making progress towards eradicating the COVID-19 virus and its effects, the economic and financial hardships of the virus are still affecting residents, homeowners, businesses, and property owners. The Administration and Municipal Council recognizes that there is an ongoing need to assist those who are still affected financially, and desires to offer taxpayers a short term Amnesty/Interest Reduction Program; and
WHEREAS, given the continued financial hardships caused by the COVID-19 Pandemic, the Administration and Municipal Council desires to establish an Amnesty/Interest Reduction Program to include only the following: delinquent property taxes, water and sewer charges, and City-owned Municipal Tax Liens for the year(s) 2021 and prior, which will authorize the Tax Collector, Director of the Department of Finance, and Director of the Department of Water and Sewer Utilities to waive accrued interest only on said charges for the period of November 1, 2021 through December 31, 2021, only; and
WHEREAS, this Amnesty/Interest Reduction Program applies to interest only accrued on delinquent taxes, water and sewer charges and subsequent accrued interest only on City-owned Tax sale certificates; and
WHEREAS, thi...
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