R09-06

        RESOLUTION FIXING THE RATE OF INTEREST TO BE CHARGED

                                    ON DELINQUENT TAXES AND ASSESSMENTS

 

WHEREAS, NJSA 54:4-67 permits the governing body of a municipality to fix the rate of interest to be charged for nonpayment of taxes, assessments, sewer rents or other municipal liens or charges, unless otherwise provided by law, subject to any abatement or discount for late payment; and

WHEREAS, NJSA 54:4-67 permits the fixing of a rate up to 8% per annum on the first $1,500 of delinquency and up to 18% per annum on any delinquent amount in excess of $1,500 and allows an additional penalty up to 6% to be collected against a delinquency in excess of $10,000 on parcels that failed to pay the delinquency prior to the end of the fiscal year.

NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Municipality that the Tax Collector is hereby authorized and directed to charge 8% per annum on the first $1,500 of delinquency and 18% per annum on any amount in excess of $1,500 delinquency after the due date; if a delinquency in the sum of $10,000 remains unpaid at the end of the fiscal year a penalty of 6% shall be charged against that delinquency.  No interest shall be charged if payment of any installment is received within ten calendar days after the date on which same is payable.  If the tenth calendar day falls on a Saturday, Sunday or legal holiday, the grace period shall extend to the next calendar day.

 

 

 

APPROVED:

 

ATTEST:

 

 

FRANK M. NORTH

Mayor

DENISE L. BROUSE

Borough Clerk

 

 

 

January 2, 2009