40A:4-29 - Receipts from delinquent taxes - New Jersey Statutes

40A:4-29.  Receipts from delinquent taxes
    Delinquent taxes shall consist of taxes levied for prior fiscal years unpaid  and owing to the local unit, and in the case of a municipality, also the lien  value of tax titles to real estate standing in the name of the municipality.

    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.