[Adopted 9-7-1967 as § 20-3
of the Revised General Ordinances]
Interest on delinquent taxes and delinquent
sewer and street assessments for local improvements shall be charged
at the rate of 7% per annum through December 31, 1970. Effective May
1, 1980, interest on delinquent taxes and delinquent sewer and street
assessments for local improvements shall be charged at the rate of
8% per annum on the first $1,500 of the delinquency and 18% per annum
on any amount in excess of $1,500. The interest shall be computed
from the date the taxes or assessments become delinquent, except that
no interest shall be charged if payment of any installment is made
within 10 days after the date upon which the same becomes payable.
Effective May 1, 1980, and pursuant to enactment
by the Legislature of the State of New Jersey (amendment to N.J.S.A.
54:5-32 and 54:5-34, being Chapter 435, Laws of New Jersey 1979, approved
February 14, 1980, such act to take effect immediately) interest on
redemption of any certificate of tax sale sold by the City to any
person or to the City shall be at the rate of 18% per annum and such
rate of interest shall be incorporated in the tax sale advertisement
and in each and every certificate of tax sale issued to any purchaser
and to the City.
