54:5-19.4 - Contracts to include compensation to contractor, bases - New Jersey Statutes

54:5-19.4  Contracts to include compensation to contractor, bases.

3.Contracts for property tax lien management services shall include compensation to the contractor based on any combination of the following mechanisms:

a.A percentage of proceeds earned by the qualified municipality from the outright sale of property or from an assignment sale;

b.A percentage of the proceeds from installment agreements entered into through the efforts of the contractor;

c.A percentage of the proceeds from the management of properties assigned to the contractor as part of possession and receivership, or preparing for a sale or assignment; or

d.A fixed amount for general services affecting all parcels whose tax lien is owned by the municipality, which may, at the option of the municipality, be either prorated and charged against such properties as a municipal charge, or be appropriated as if it were subject to the provisions of sections 1 through 5 of P.L.1961, c.22 (C.40A:4-55.1 through 40A:5-55.5).

L.2001,c.266,s.3.