Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: To authorize the Tax Collector to issue estimated tax bills, Third Quarter 2023.
Estimated Tax Levy: $476,043,973.19
Estimated Tax Rate: $3.744
Additional Information:
A Resolution authorizing the Tax Collector to issue estimated tax bills for the Third Quarter of 2023.
Estimated tax bills are needed until the 2023 Budget is adopted.
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WHEREAS, the City of Newark, New Jersey (the "City"), has not adopted the budget for the calendar year 2023; and
WHEREAS, as a result of the above, the Essex County Board of Taxation is unable to verify the City of Newark's tax rate and the City's Tax Collector will be unable to timely mail the City's 2023 Final Tax Bills; and
WHEREAS, the City's Chief Financial Officer has calculated 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 prior years, the tax rates, and the range of permitted estimated tax levies; and
WHEREAS, in accordance with Chapter 72. P.L. 1994, the Mayor of the City of Newark and Municipal Council request that the Director of the Division of Local Government Services approve the estimated tax levy. Approval will enable the City to meet its financial obligations, maintain the tax collection rate, 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 CITY OF NEWARK, NEW JERSEY, THAT:
1. The City's Tax Collector is hereby authorized and directed to prepare and issue estimated tax bills for the Third Installment for 2023. 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 2023 is hereby set at $476,043,973.19, attached hereto as Exhibit A - Calculation o...
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