Collector II Final exam Flashcards
Parties having the right to redeem a tax title lien certificate are:
OwnerHeirsHolder of a prior outstanding tax lien certificateMortgageeLegal Occupant of the Property sold at tax sale
Upon redemption, the collector must deliver the actual certificate of sale, receipted for ______
cancellation
Immediately upon receipt of redemption monies, the collector must ______ the holder of the Certificate / Certificates.
Notify
Upon receipt of the endorsed tax sale certificate, the tax collector shall:
Refund money to the lien holder & forward certificate to Party who redeemed for cancellation
Whether the certificate is held by the municipality, or by an outside holder, the amount required to redeem prior to the issuance of the certificate is the amount paid at the tax sale, plus ______ from the ______ ______ ______ at the redemption rate ______ at the sale.
InterestDate of SaleBid
If the municipality has imposed fiscal restrictions upon the tax collector, whereby the collector does not have a redemption account, then refund amounts must be calculated to the date of the appropriate ______ ______ ______ ______ ______ ______.
Date of the governing body’s approval
The Tax Collector must issue the tax title lien certificate within ______ ______ counting the date of the sale.
10 Days
Redemption should always occur through the office of the ______ ______.
Tax Collector
If redemption occurs after the issuance of a tax sale certificate, then the lien holder is entitled to a redemption penalty. The penalty only occurs if the certificate amount is more than ______. The amount of this penalty would be: ______
$200.2%, $200 - $4,9994%, $5,000 - $9,9996%, $10,000 and greater
The lien holder is entitled to certain fees, however ______ must be filed with the tax collector for recovery of these costs.
Affidavits
The maximum fee for a tax search reimbursement by a lien holder is ______
$12
After March 28, 1991, the amount of the redemption penalty was changed to ______ if the total amount of the tax sale certificate was over ______, and to the rate of ______ if the certificate was over ______
4%$5,0006%$10,000
If the tax collector has a redemption account, an can issue redemption checks upon payment from an interested party, a ______ is still required.
Resolution
Abstract of title filed with the tax collector must cover a period of not less than ______.
20 Years
Upon redemption of a municipally held lien, the interested party must pay all ______ with ______ at the rate chargeable by the municipality on all delinquencies.
Delinquencies Interest
By means of a ______ ______ or a ______ ______ a municipality may authorize the redemption of a tax sale certificate through an installment payment plan.
Special ResolutionGeneral Resolution
Provisions of an adopted installment redemption are:
Payments regularly & promptly paidSpecial form of receiptEqual monthly payments over 3 yearsAnnual Interest CompoundedAppropriate Statement of Privilege of redemption
Final payment of an installment plan must be large enough to include all amounts due to the municipality and secured by the tax sale certificate, except the ______ ______ ______.
Current Year’s Taxes
If the resolution requires that a special installment certificate be used, then the tax collector must keep a ______ ______ ______ ______.
duplicate of the certificate
Amounts paid through an installment redemption plan must be credited against the property covered by the ______ ______ ______.
Tax Sale Certicate
If an installment is not paid when due, or is not completed within the time fixed by the resolution, generally ______ ______, then the municipality is legally free to ______, ______ or ______ the unpaid balance of the lien.
30 DaysEnforceForecloseAssign
The two methods of foreclosure are ______ and ______ ______ .
StrictIn Rem
The ______ ______ has the statutory power to provide properties with ______ and marketable titles that may be sold and insured.
Superior CourtGood
The ______ ______ also has the authority to:
Superior Court1. Bar Right of Redemption2. Foreclosure all interest in land3. Provide fee simple title