Collector II midterm Flashcards

1
Q

List at Least 5 functions of the tax duplicate

A
  • Identify Property Location
  • Identify Tax Amount
  • Identify Levy Amount
  • Identify Assessed Value
  • Identify Property Owner
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2
Q

Where does the tax duplicate come from?

A

County Board of Taxation

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3
Q

Who retains the yearly copies of the tax duplicate?

A
  • Assessor
  • Collector
  • County Board of Taxation
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4
Q

What is the name of the State software program that creates the Tax Duplicate?

A

Mod IV (PAMS)

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5
Q

Errors in calculations or Assessments are reported to?

A

the Tax Assessor

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6
Q

Who is charged with the duty of collecting the entire amount of the tax levy?

A

Tax Collector

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7
Q

The Tax Sale process begins on the ________________ of the fiscal year.

A

11th day of the 11th month

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8
Q

The two types of Tax Sale are?

A
  • Standard

* Accelerated

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9
Q

The municipality is empowered to omit properties from Tax Sale by adopting a __________ and using a method of collecting by __________ __________ __________.

A

ResolutionEqual Monthly Installments

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10
Q

Equal Monthly Installment payments require payments large enough to pay off all delinquent amounts, including interest and all other municipal charges by ___________ from the date of the agreement.

A

5 Years

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11
Q

The Tax Sale process begins with the Tax Collector preparing a list of the lands so subject to sale with the name of the owner as shown in the ________ ________ _________ _________

A

Most recent tax duplicate

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12
Q

Special Benefit Assessments due that are not paid after _______ days, of their due date are subject to tax sale. The Municipality, however, can adopt by _________, and determine that ______ ______ ______ ______ ______ be excluded from the tax sale.

A

30 DaysResolutionSubsequent Installments Not Yet Due

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13
Q

The advertised notice of sale must include?

A
  • Block and Lot
  • Total Amount Due
  • Description of Parcel
  • Place, Time & Date of Sale
  • Owner’s Name
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14
Q

Interest must be calculated to ____ ____ ____ ____ in the notice of sale.

A

the date of sale

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15
Q

Copies of the Notice of Sale must be posted ____ ____ ____ ____.

A

In Five public places

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16
Q

The actual tax sale may be postponed at the discretion of the Tax Collector ____ to ____ or ____ to ____, not exceeding ____ ____.

A

day to dayweek to week8 weeks

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17
Q

The tax sale list shall be prepared how many days prior to the date of the sale?

A

50 Days

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18
Q

The fee for holding a tax sale is ____ of the lien, however, the amount is not to be less than ____ but not more than ____.

A

2%$15$100

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19
Q

When the total tax or municipal charges plus interest and costs amount to less than ____ the tax collector has the discretion to remove the item from the tax sale not to exceed ____ years.

A

$1005 Years

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20
Q

By adopting a ____ the governing body may authorize a municipal official other than the collector to bid at the tax sale but the municipality must have ____ ____ for this purpose.

A

ResolutionAppropriated Funds

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21
Q

An error requiring re advertisement of the tax sale list would be if the amount due ____ ____ than advertised.

A

is more

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22
Q

The beginning rate of interest bid at a tax sale is?

A

18%

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23
Q

When the bidding reaches ____, a bidder may offer a ____.

24
Q

If a successful bidder does not make payment before the conclusion of the sale, then the property is ____.

25
If there are no bidders for a parcel, then the collector must strike those parcels off to ____ ____ at ____ %
the municipality18%
26
If a lien is sold in error, the purchaser receives the amount paid at sale to the municipality plus ____ interest.
Legal
27
If redemption is made within ____ from the date of sale, any premium paid will be returned to the purchaser of the lien.
5 Years
28
When the delinquency of the Tax Sale list exceeds ____% of the total tax levy for that year, then the ____ must purchase the certificate if there is no bidder.
15%State
29
Title#:____, Chapter:____ is commonly referred to as the Tax Sale Law.
NJSA 54:5
30
The word land or lands means and includes all?
real property
31
All duties authorized and directed to be done under the Tax Sale Statutes may also be done by the ____ or ____.
DeputyAssistant
32
Taxes on parcels of land become a ____ ____ on the first day of the budget year of the municipality.
continuous lien
33
Affidavits that are required under Tax Sale Law Statutes are viewed as ____ ____.
Legal Documents
34
Every municipal lien shall be a ____ ____ on the land and is paramount to all prior subsequent alienations, except in the case of ____ ____ ____.
First LienSubsequent Municipal Liens
35
A municipal lien, however, does not have priority over a prior ____ ____ and may be in jeopardy of a ____ action.
Federal LienBankruptcy
36
Assessments for benefits for municipal improvements become a lien on the land that they benefit as of the date prescribed in the various ____ ____ ____ ____ ____ or also known as ____.
Laws that Authorize the AssessmentConfirmation
37
Nothing can preclude the holding of a tax sale unless by ____ ____.
Court Order
38
Bankruptcy is filed with the ____ ____.
Federal Court
39
Classifications of Bankruptcy are called ____, ____ & ____.
7, 11 & 13
40
The classification for filing a farmland bankruptcy is called Chapter ____.
12
41
The life of a bankruptcy plan is ____ ____ from the date of the meeting of the creditors.
5 Years
42
In a bankruptcy filing, delinquent real estate taxes are considered?
Secured Debt
43
The ____ ____ is charged with the duty of collecting the entire amount of the tax levy.
Tax Collector
44
After the Tax Sale, the Tax Collector shall deliver the Tax Sale certificate to the ____ or the ____.
PurchaserMunicipality
45
Details listed on the certificate should include?
* Redemption % or premium * Date of Sale * Block & Lot or Description of Land * Purchaser's Name * Amount paid by purchaser * Name of Owner from most recent tax duplicate
46
The certificate is considered valid when ____ ____ ____
Signed by CTC
47
The certificate must be delivered within ____ ____.
10 Days
48
If the certificate is not recorded within ____ ____ it is considered ____.
3 MonthsVoid
49
With regard to to a Tax Sale Certificate, After ____ ____the courts will not challenge ____ ____ ____ ____ ____ ____ ____ ____.
2 YearsThe validity of the certificate or their proceeding
50
A duplicate certificate may be issued with the following procedures used:
* Affidavit from Lien Holder | * Resolution of the Governing Body
51
The fee for a duplicate certificate cannot exceed?
$100
52
An outside lien is valid for ____ ____.
20 Years
53
A municipal lien is good for...
ever
54
In order to protect their interest in the property, the purchaser of the Tax Sale Certificate should record it in what office?
County Clerk
55
What must be attached to the Tax Sale List?
A copy of the Notice of Sale Affidavits of: * The advertisements of sale (4 weeks) * Posting in 5 public places * Mailing of Notices to Owners
56
How is each property described?
by Block and Lot