Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Division of Local Government Services for participation in the Electronic Tax Sale Pilot Program
Name of Project(s): Electronic Standard and Accelerated Tax Sale
Amount to be Financed: $0.00
Funding Source: Not Applicable
Local Finance Board meeting date(s): July 13, 2016
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
To participate in an Electronic Standard and Accelerated Tax Sale Pilot Program
Additional Information:
The City previously participated in an Electronic Tax Sale Pilot Program in 2015
body
WHEREAS, N.J.S.A. 54:5-19.1 authorizes electronic tax sales pursuant to rules and regulations to be promulgated by the Director of the Division of Local Government Services; and
WHEREAS, the Director of the Division of Local Government Services has promulgated rules and regulations for pilot programs; and
WHEREAS, the Director of the Division of Local Government Services has approved NJ Tax Lien Investors/RealAuction.com to conduct pilot programs; and
WHEREAS, the City of Newark desires to submit an application for participation in the pilot program for an Electronic Tax Sale; and
WHEREAS, an Electronic Tax Sale is innovative and provides a greater pool of potential lien buyers, thus creating the environment for a more complete tax sale process; and
WHEREAS, the Administration and the Chief Financial Officer deem it necessary and in the best interest of time, volume and expediency with the assistance of the Tax Collector, wishes to conduct an Electronic Standard Tax Sale tentatively scheduled September 26, 2016 and an Electronic Accelerated Tax Sale on or before December 31, 2016 with the approval of the Director of the Division of Local Government Services.
NOW, THEREFORE, BE IT RESOLVED, BY THE MUNICIPAL COUNCIL ...
Click here for full text