New Jersey Statutes 40A:4-40.2. Reduction of reserve for uncollected taxes by deduction of receipts for sale of unpaid taxes, liens
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Terms Used In New Jersey Statutes 40A:4-40.2
- budget: means the budget of a local unit. See New Jersey Statutes 40A:1-1
- 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.
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
13. A municipality may reduce its reserve for uncollected taxes by deducting any or all receipts anticipated during the fiscal year from the sale of unpaid taxes or municipal liens when concluded in the final month of the fiscal year as allowed pursuant to R.S.54:5-19, provided that such amount be calculated in the same manner as receipts for delinquent taxes are calculated in N.J.S.40A:4-29, and that prior to adoption of the budget, such sale is authorized by resolution of the governing body. Any revenues received pursuant to this section shall be excluded from any calculation of the tax collection rate pursuant to N.J.S. 40A:4-41 or receipts from delinquent taxes pursuant to N.J.S. 40A:4-29
L.1997,c.99,s.13.