54:4-96 - Taxes exceeding value of realty;Ā adjustment and settlement
54:4-96.Ā Taxes exceeding value of realty;Ā adjustment and settlement
When taxes or assessments, or both, levied and assessed against real property are in arrears and unpaid and the owner of the real property or other person having an interest therein shall make application in writing to the governing body of the municipality in which the property is situate for a revision, adjustment and reduction of the taxes or assessments, or both, and the governing body shall determine that the sum of the taxes or assessments, orĀ both, and the interest due thereon is greater in amount than the value of theĀ real property upon which they were levied, assessed and fixed, the governingĀ body may fix and determine an amount to be accepted by the municipality in fullĀ satisfaction of the taxes or assessments, or both, and the interest accruedĀ thereon.Ā If, within thirty days from the date of that determination, theĀ petitioner shall pay to the collector of taxes or other proper officer of theĀ municipality the amount so fixed and determined, it shall be accepted in fullĀ satisfaction of all such taxes, assessments and interest thereon.Ā TheĀ collector or other proper municipal officer shall forthwith enter on hisĀ records the sum as in full payment, satisfaction and discharge of such taxes,Ā assessments and interest, and they shall cease to be a lien upon the realĀ property on which they were levied or assessed.Ā If the sum so fixed andĀ determined is not paid within thirty days after the determination by theĀ governing body, all proceedings under this section shall be without force andĀ effect.
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When taxes or assessments, or both, levied and assessed against real property are in arrears and unpaid and the owner of the real property or other person having an interest therein shall make application in writing to the governing body of the municipality in which the property is situate for a revision, adjustment and reduction of the taxes or assessments, or both, and the governing body shall determine that the sum of the taxes or assessments, orĀ both, and the interest due thereon is greater in amount than the value of theĀ real property upon which they were levied, assessed and fixed, the governingĀ body may fix and determine an amount to be accepted by the municipality in fullĀ satisfaction of the taxes or assessments, or both, and the interest accruedĀ thereon.Ā If, within thirty days from the date of that determination, theĀ petitioner shall pay to the collector of taxes or other proper officer of theĀ municipality the amount so fixed and determined, it shall be accepted in fullĀ satisfaction of all such taxes, assessments and interest thereon.Ā TheĀ collector or other proper municipal officer shall forthwith enter on hisĀ records the sum as in full payment, satisfaction and discharge of such taxes,Ā assessments and interest, and they shall cease to be a lien upon the realĀ property on which they were levied or assessed.Ā If the sum so fixed andĀ determined is not paid within thirty days after the determination by theĀ governing body, all proceedings under this section shall be without force andĀ effect.
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