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The 1st half of your tax bill is estimated, and equal to 1/2 of the total prior year taxes. It is estimated because the rate cannot be computed until all budgets have been approved; budget approval occurs in June. The 2nd half tax bill is computed by applying the new tax rate to the current year assessment, then deducting the amount billed in the 1st half.
The township does not sell properties for unpaid taxes.
The only forms of payment are cash, certified check or money order. The Collector will notify the lien holder that payment has been received, and request the lien certificate from the lien holder. This certificate will be forwarded to you and you will then have the lien removed at the county.
Who buys these liens? Usually people who are looking to invest money. The interest rate starts at 18%. However, if there is more than one person interested in the same parcel, they will start bidding down the interest rate. Once the bidders bid down to 0%, it will go into a premium starting at multiples of $100.
What happens once a lien has been sold on a property? The person who purchased the lien will receive a legal document referred to as a "tax certificate" which must be recorded with the Monmouth County Clerk. The certificate must be held for 2 years from the date of sale. After 2 years they may start to foreclose on the property. The homeowner has the right to redeem the tax sale certificate any time prior to the final judgment being filed.