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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
Municipal charges other than taxes and assessments for improvements which are liens on real property become a lien when?
on a date fixed by law
26
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.
subsequent | previous
27
What three ways can a municipality use to assign a certificate?
Private Sale, Public Sale, the Jones Act
28
Receipts from a tax sale must be deposited within how many hours?
48
29
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.
2 years
30
If the Tax Collector does not have a redemption account, then upon redemption, interest is computed to __________.
the next meeting date of the governing body
31
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.
revenue
32
Upon redemption, the tax collector must notify the lien holder __________.
immediately
33
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.
90 days or 3 months
34
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.
receivership | income
35
How long can you adjourn a tax sale before re-advertising?
up to 8 weeks
36
The municipality shall have at least the same __________ and remedies as an individual, including foreclosure, when acquiring a tax sale certificate.
rights
37
The maximum rate of interest that can be bid at tax sale is _____ and after _____ a __________ can be bid.
18% 0% premium
38
In order to be removed from tax sale the taxpayer must pay ____________________.
all interest, penalties, costs, and the tax and charges in the sale
39
Who does not have tangible, true, genuine and economic interest in the property for purpose of redemption?
squatter
40
If a property is considered __________, the municipality can take action in __________ seeking that the right of redemption be barred.
hazardous | Superior Court
41
Outside lien holders are entitled to certain expenses if they have submitted the appropriate __________.
affidavit
42
Redemption for installments provide for __________ payments for a maximum of __________.
equal, monthly | 3 years
43
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 __________.
interest | amount paid
44
After what date can the tax collector sell current delinquencies if the governing body has passed the proper resolution (CY) ________ and (SFY) ________.
November 11 | May 11
45
The tax collector can witness an affidavit and it shall have the same effect of a ________.
Notary
46
Once a foreclosure complaint has been filed, any redemption is made __________.
in the cause
47
A duplicate tax sale certificate may be issued if what three things are present?
resolution, affidavit, and fee
48
For tax sale purposes, parcels classified as "3A" or "3B' are considered ______ line item and sold on ______ tax sale certificate.
one | one
49
What happens if there are no bidders on a property being sold at tax sale?
the certificate is struck off to the municipality at 18% interest
50
When does the collector attach a copy of the notice of sale and affidavit of posting, advertising, and mailing to the tax sale list?
on or right before the tax sale date
51
What is the maximum fee allowed by statute to be charged for a duplicate tax sale certificate?
$100
52
A copy of the notice of sale shall be mailed by the collector to the _______________ with postage paid.
over on most recent tax duplicate
53
The tax collector may sell to an officer of the municipality as long as what three things occur?
resolution, affidavit, and fee
54
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.
subsequent municipal liens
55
Upon redemption, the collector must provide either the original certificate endorsed for cancellation or ____________ to the person who made the redemption.
certificate of redemption

Tax Collection (3 decks)

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