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Tax Collection > PMTC 2 REVIEW > Flashcards

PMTC 2 REVIEW Flashcards

1
Q

Municipal liens can be foreclosed In Rem after how long?

A

6 months

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2
Q

Under the Jones Act, if a purchaser fails to foreclose within the specified time, the assignment is __________.

A

void

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3
Q

What method of foreclosure does an outside lien holder use?

A

In Personam

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4
Q

Who prepares the tax sale certificate?

A

Tax Collector

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5
Q

All 2019 liens shall be enforced at tax sale by what date? (Calendar Year)

A

December 31, 2020

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6
Q

If a municipality has sold its interest in tax sale to the state of NJ or County, they may foreclose __________, in the name of the municipality.

A

In Rem

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7
Q

What are the two ways for cutting off the right of redemption?

A

In Rem/In Personam foreclosure

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8
Q

If the tax sale is not ready for delivery within __________, the lien holder can __________.

A

10 days

refuse

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9
Q

The notice of sale must be advertised once in each of the _____ weeks prior to the week of the sale (if no in lieu of mailing).

A

4

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10
Q

A property can be removed from tax sale if there is a resolution authorizing a __________ not to exceed _____ years.

A

installment plan

5

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11
Q

The statutes state that the notice of sale must be posted in _____ public places within the municipality.

A

5

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12
Q

Taxes must be unpaid for _____ months in order to file action for foreclosure “In Rem”

A

21

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13
Q

What happens if a successful bidder does not make payment prior to the end of the tax sale?

A

the property is resold

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14
Q

Taxes shall be a lien on lands on which they are assessed on after which date?

A

the first day of the fiscal year

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15
Q

Every municipal lien is considered first or primary and is __________ to all other prior municipal liens.

A

paramount

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16
Q

A premium paid at the tax sale must be held and returned to the purchaser, if and when redemption is made. If no redemption occurs within _____ years, the premium becomes part of the municipality.

A

5

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17
Q

The maximum rate of interest to be bid at tax sale is set by __________.

A

state statute

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18
Q

The __________ prepares the “In Rem” list.

A

tax collector

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19
Q

When using the Jones Act assignment method, the tax sale certificate is delivered to the assignee ________ final judgment.

A

upon

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20
Q

If a certificate is refused by a purchaser, when not delivered within the time after the tax sale, the certificate shall be re-issued to the __________ and the money returned to the lien holder.

A

municipality

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21
Q

On the tax sale list, interest is computed to __________.

A

the date of tax sale

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22
Q

What court has jurisdiction in the matters of foreclosure?

A

Superior Court

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23
Q

Each municipal lien is first a lien on the land, except for __________ municipal liens and __________ state and federal liens.

A

subsequent

prior

24
Q

A tax sale certificate cannot be sold for more than the amount advertised unless there has been a __________.

A

postponement

25
Q

Municipal charges other than taxes and assessments for improvements which are liens on real property become a lien when?

A

on a date fixed by law

26
Q

The holder of a certificate prior in point of time may redeem a lien subsequently issued, but the holder of the __________ certificate cannot/does not need to redeem the __________ certificate.

A

subsequent

previous

27
Q

What three ways can a municipality use to assign a certificate?

A

Private Sale, Public Sale, the Jones Act

28
Q

Receipts from a tax sale must be deposited within how many hours?

A

48

29
Q

Under the Jones Act assignment method, the purchaser must foreclose the right of redemption within __________ from the date of confirmation of the sale by the governing body.

A

2 years

30
Q

If the Tax Collector does not have a redemption account, then upon redemption, interest is computed to __________.

A

the next meeting date of the governing body

31
Q

Assignments of municipal held certificates are designed to convert them into usable __________ without the municipality first proceeding to bar or foreclose the right of redemption.

A

revenue

32
Q

Upon redemption, the tax collector must notify the lien holder __________.

A

immediately

33
Q

When the certificate of sale is not made to the municipality, it shall, unless recorded within __________ of the date of sale, be void against a bona fide purchaser, lessee or mortgage, whose deed, lease or mortgage is recorded before the recording of the certificate.

A

90 days or 3 months

34
Q

Where a municipality holds a certificate against a parcel which derives rent and profits and has recorded the certificate, the municipality is entitled to __________ of the property and to all the __________ produced by the parcel until the property has been redeemed.

A

receivership

income

35
Q

How long can you adjourn a tax sale before re-advertising?

A

up to 8 weeks

36
Q

The municipality shall have at least the same __________ and remedies as an individual, including foreclosure, when acquiring a tax sale certificate.

A

rights

37
Q

The maximum rate of interest that can be bid at tax sale is _____ and after _____ a __________ can be bid.

A

18%
0%
premium

38
Q

In order to be removed from tax sale the taxpayer must pay ____________________.

A

all interest, penalties, costs, and the tax and charges in the sale

39
Q

Who does not have tangible, true, genuine and economic interest in the property for purpose of redemption?

A

squatter

40
Q

If a property is considered __________, the municipality can take action in __________ seeking that the right of redemption be barred.

A

hazardous

Superior Court

41
Q

Outside lien holders are entitled to certain expenses if they have submitted the appropriate __________.

A

affidavit

42
Q

Redemption for installments provide for __________ payments for a maximum of __________.

A

equal, monthly

3 years

43
Q

If redemption is made within 10 days or prior to the issuance of the tax sale certificate, then the amount to redeem shall include __________ and __________.

A

interest

amount paid

44
Q

After what date can the tax collector sell current delinquencies if the governing body has passed the proper resolution (CY) ________ and (SFY) ________.

A

November 11

May 11

45
Q

The tax collector can witness an affidavit and it shall have the same effect of a ________.

A

Notary

46
Q

Once a foreclosure complaint has been filed, any redemption is made __________.

A

in the cause

47
Q

A duplicate tax sale certificate may be issued if what three things are present?

A

resolution, affidavit, and fee

48
Q

For tax sale purposes, parcels classified as “3A” or “3B’ are considered ______ line item and sold on ______ tax sale certificate.

A

one

one

49
Q

What happens if there are no bidders on a property being sold at tax sale?

A

the certificate is struck off to the municipality at 18% interest

50
Q

When does the collector attach a copy of the notice of sale and affidavit of posting, advertising, and mailing to the tax sale list?

A

on or right before the tax sale date

51
Q

What is the maximum fee allowed by statute to be charged for a duplicate tax sale certificate?

A

$100

52
Q

A copy of the notice of sale shall be mailed by the collector to the _______________ with postage paid.

A

over on most recent tax duplicate

53
Q

The tax collector may sell to an officer of the municipality as long as what three things occur?

A

resolution, affidavit, and fee

54
Q

No foreclosure judgment of a third party tax sale certificate shall be entered by the court unless evidence is produced that ____________ have been paid prior to the time the action commences.

A

subsequent municipal liens

55
Q

Upon redemption, the collector must provide either the original certificate endorsed for cancellation or ____________ to the person who made the redemption.

A

certificate of redemption

Tax Collection (3 decks)

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