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If you are a New Jersey municipal Tax Collector, Tax Assessor, or finance officer, we've created a web page just for you .
Does your municipality suffer from holding
tax liens struck off to your own account, because you could not sell
them? These unsold tax liens are not only uncollected taxes, but they
actually represent NEGATIVE cash flow, because the municipality must
still remit its share of this "phantom income" to the County. So you
have to borrow the money, pay debt service, and can't offer the
property up for subsequent tax sales.
The most common solution to municipal tax liens is to conduct an ""In Rem Tax Foreclosure"". If the municipality wants to take title to the properties, this is the appropriate course of action. If however the properties are potentially contaminated, or a property owner is in bankruptcy, or if the municipality has an unspoken policy against foreclosing voters, the tax liens may linger "on the books" for years.
As a reminder, there are other options available to Tax Collectors to facilitate municipal finance. These include: