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The original item was published from 12/5/2018 3:44:23 PM to 12/5/2018 3:44:23 PM.

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Borough of Red Bank News

Posted on: September 19, 2016

[ARCHIVED] Tax Collector to Conduct Electronic Tax Sale

Red Bank will be holding an Electronic Tax Sale on Monday, October 17, 2016 at 8am. To access the sale or view the list of properties included, please visit the Tax Collector's site page for information about the tax sale. Questions and answers are available as well. Link is provided below.

In New Jersey, as in other states, property owners are legally required to pay property taxes on their holdings, and to pay other municipal charges for which they may be liable such as sewer and water charges, special assessments, or liens for abating nuisances such as boarding or removing debris from the grounds of a property. If a property owner fails to make timely property tax payments, the property may be subject to tax foreclosure, either by the municipality or by a third party who has bought the tax lien from the municipality. In order to recoup the value of unpaid property taxes, the statute requires that each municipality hold an annual tax sale of properties in arrears on their property taxes. The municipality is not actually selling the properties, however, but the tax liens on the properties; in other words, the right to collect the back taxes from the owner, or, if unsuccessful in that effort, to foreclose on the property. Tax liens are also referred to as tax sale certificates.

The Borough of Red Bank moved to an Electronic Tax Sale in 2012. An internet based sale provides a larger pool of potential investors which could mean a lower interest rate charged to the home owner and would also mean that fees could be assessed to the individual properties rather than the general tax base.

Tax Collector Page
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