New Jersey Statutes 40A:4-29. Receipts from delinquent taxes
Terms Used In New Jersey Statutes 40A:4-29
- fiscal year: means the period for which a local unit adopts a budget, as required pursuant to the "Local Budget Law" N. See New Jersey Statutes 40A:1-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lien: A claim against real or personal property in satisfaction of a debt.
- local unit: means a county or municipality. See New Jersey Statutes 40A:1-1
The maximum amount which may be anticipated as “Receipts from Delinquent Taxes” shall be computed in the manner set forth in the following paragraph.
A determination of the percentage of collection of delinquent taxes for the year immediately preceding the fiscal year. This percentage shall be determined by dividing the amount of prior year’s delinquent taxes collected by the amount of delinquent taxes unpaid and owing on the first day of the year, after adjusting such amount by the addition of prior year’s taxes added during such fiscal year, less any prior year’s delinquent taxes abated, remitted or canceled during such year. The maximum which may be anticipated is the sum produced by the multiplication of the amount of delinquent taxes unpaid and owing to the local unit on the first day of the current fiscal year by the percentage of collection of delinquent taxes for the year immediately preceding the current fiscal year.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.