Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Tax Collector to issue estimated tax bills, Third Quarter 2017
Estimated Tax Levy: $432,494,201.69
Estimated Tax Rate: $3.560
Additional Information:
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WHEREAS, the City of Newark, New Jersey, has not adopted the budget for the calendar year 2017; 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 2017 Final Tax Bills on a timely basis; and
WHEREAS, the City of Newark's 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 with 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 CITY 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 2017. The Tax Collector shall proceed and take such actions, as are permitted and required by P.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 2017 is hereby set at $432,494,201.69. Attached hereto as Exhibit A, Calculation of 2017 Estimated Tax Rate.
3. The estimated tax rate (based on estimated levy) is hereby set at $3.560.
4. In ac...
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