PMTC 1 REVIEW Flashcards
Basic enacted law in New Jersey is arranged by:
title, chapter, section, and subsection
The municipal version of a law would be either a __________ or __________ depending on the subject matter.
resolution or ordinance
The five basic types of municipal government are:
town, township, city, village, and borough
The four forms of local government are:
county, municipal, school district, and special district
The county tax administrator is appointed by the __________ and is a county employee unlike the county tax board members are __________ employees.
county board of taxation
state
The tax assessor must determine the valuation of all real property by __________.
October 1
The tax assessor must submit an assessment listing to the __________ by __________.
county board of taxation
January 10
The form and content of property tax bills must include:
tax rate, grace period, interest rate, penalty, flood insurance, and state aid
The collector must make an entry in a cashbook crediting the taxpayer for:
the amount paid and the amount of interest and penalty charged
Credit cards may be accepted for payment of municipal charges until:
30 days before tax sale list or 80 days before tax sale
The governing body must adopt an appropriate __________ to impose a year end penalty.
resolution
The municipal __________ and __________ are responsible for calculating an estimated tax levy.
CFO and tax collector
The permissive estimated tax levy range is computed by multiplying the previous year’s __________ by _____ % and _____ %.
levy
95% and 105%
No interest shall be charged until the later of:
due date, grace period, or 25 days from date of mailing
The governing body may adopt a resolution authorizing the tax collector to cancel any property tax delinquencies or refunds of less than $_____.
$10
The filing deadline for a financial disclosure statement is _____ or within _____ days of accepting the position if after the filing deadline.
April 30
30 days
In regards to age requirement for senior citizen, the date of eligibility is _____ of the __________ year.
December 31
pretax
The age requirement of a surviving spouse of a senior citizen or disabled persons receiving a deduction is _____.
55
The ownership requirement for all deductions is __________ of the __________ year.
October 1
pretax
The age requirement for a disabled person to receive a deduction is __________.
none
The maximum dollar amount of all deductions allowable by any one person is:
$750
Upon a deed change for a property receiving a senior citizen, disabled, or surviving spouse deduction must bet __________ based on the deed date.
prorated
When multiple qualified veterans own a property, the number of deductions are __________, but not to exceed the __________.
unlimited
total taxes levied
If a senior citizen is confined to a nursing home or hospital, but the property the deduction is on remains the primary residence, the deduction __________ on the property.
remains
