[Adopted 2-12-2007 by Ord. No. 2-2007 (Ch. 88, Art. III,
of the 1993 Code)]
In accordance with N.J.S.A. 54:4-67, interest shall be charged
for the nonpayment of taxes beginning on the tenth calendar day following
the date upon which the same became payable, at the rate of 8% per
annum on the first $1,500 of the delinquency and at the rate of 18%
per annum on any amount in excess of $1,500, to be calculated from
the date the tax was payable until the date of actual payment. In
addition, a penalty of 6% shall be charged to a taxpayer with a delinquency
in excess of $10,000 who fails to pay the delinquency prior to the
end of the calendar year. "Delinquency" shall mean the sum of all
taxes and municipal charges due on a given parcel of property covering
any number of quarters or years.
In accordance with N.J.S.A. 54:5-61, interest shall be charged
on account of a tax sale certificate at the rate of 2% of the amount
paid for the tax title when the taxes, interest and costs exceed the
sum of $200. When the taxes, interest and costs exceed the sum of
$5,000, such additional sum shall be equal to 4% of the amount paid;
and when that sum exceeds $10,000, such additional sum shall equal
to 6% of such amount paid.
No interest will be charged if payment of any installment is
made within 10 days of its due date
