Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Reducing Interest rates charged on delinquent property taxes and municipal tax liens.
Purpose: Implement a temporary interest reduction program on delinquent property taxes and municipal tax liens.
Program Period: March 1, 2018 through May 30, 2018 only
Additional Information:
Current Rate Proposed Rate
8% on first $1,500. delinquency 0% on first $1,500. delinquency
18% on remaining balance 0% on remaining balance
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WHEREAS, the Administration together with the Municipal Council recognizes that there is a need to assist property owners who are delinquent in their property taxes and to avoid any drastic increase in the 2018 tax rate, by offering a short term "Amnesty/Interest Reduction Program"; and
WHEREAS, the Delinquent Tax Collection rate has a direct impact on the 2018 Municipal Budget, the Administration therefore desires to increase the collection rate for delinquent property taxes; and
WHEREAS, it is the desire of the Administration and Municipal Council that this short term program will enable those affected to pay the delinquent property taxes, which will result in an increase in the delinquent collection rate while conferring a benefit on the citizens and taxpayers of the City of Newark; and
WHEREAS, the Amnesty Program will authorize the Tax Collector and the
Finance Director in their statutory capacity, to waive Interest Only, on delinquent
property taxes which include 2017 or prior years and Municipal Tax Liens Only for the period March 1, 2018 through May 30, 2018 ONLY; and
WHEREAS, the Interest Reduction Program will authorize the Tax Collector and the Finance Director in their Statutory capacity, to reduce the delinquent Interest Rate Only, charged on all delinquent property taxes, that includes 2017 and or prior year...
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