Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Tax Collector to issue estimated tax bills, 3rd Quarter 2015
Estimated Tax Levy: $408,450,647.81
Estimated Tax Rate: $ 3.309
Additional Information:
Estimated tax bills are needed because the 2015 budget has not been adopted.
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WHEREAS, The City of Newark, New Jersey, has not adopted the budget for the calendar year 2015; and
WHEREAS, as a result of, the Essex County Board of Taxation is unable to verify the City of Newark's tax rate and the City of Newark's Tax Collector will be unable to mail the City's 2015 Final Tax Bills on a timely basis and,
WHEREAS, the City of Newark's Acting Chief Financial Officer has computed an estimated tax levy in accordance to N.J.S.A. 54:4-66.3, and has signed a certification showing the tax levies for the previous years, the tax rates and the range of permitted estimated tax levies; and
WHEREAS, in accordance Chapter 72. P.L. 1994, the Mayor and Municipal Council request that the Director of the Division of Local Government Services approve the estimated tax levy. Approval will enable the City of Newark to meet its financial obligations, maintain the tax collection rate, and provide uniformity for tax payments and save the unnecessary cost of interest expenses on borrowing.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CTIY OF NEWARK, NEW JERSEY, THAT:
1). The City of Newark's Tax Collector is hereby authorized and directed to prepare and issue estimated tax bills for the Third Installment for 2015 . The Tax Collector shall proceed and take such actions, as are permitted and required by: L. 1994.C.72 (N.J.S.A. 54:4-66 and N.J.S.A. 54:4-66.3).
2). The entire estimated tax levy for 2015 is hereby set at $408,450,647.81. Attached hereto as Exhibit A, Calculation of 2015 Estimated Tax Rate
3). The estimated tax rate (bas...
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