Red Bank to hold NJ's First Electronic Tax Sale
The Borough of Red Bank is proud to announce that they will be holding the 1st electronic tax sale in the State of New Jersey. Red Bank will hold its’ 2012 Tax Sale on Monday, October 29, 2012 at 8:30am through an on-line process. Red Bank was given approval by the Director of the Division of Local Government Services in Trenton to participate in this pilot agreement in September 2012. While “on-line” tax sales are routinely held in other States, the process has recently become feasible here in New Jersey.
A tax sale is held annually in Red Bank to “rid” the Boro of all tax & utility delinquencies from the prior year; in this case, all 2011 charges that remain delinquent on October 29th. Taxpayers are notified several times of the delinquency and the Borough’s intent to include their property in said sale. The list of eligible properties is advertised in the local newspaper and notices are posted in public locations throughout the Boro. In the past, investors would register their information with the Tax Collector and be assigned a bidder number. At the sale, which is run similar to an auction, the investors would bid a percent of interest that they would receive on their investment. An internet based tax sale will provide the Boro with a greater pool of potential investors which in-turn may reduce the interest rate charged to the delinquent homeowner. The on-line sale process also allows the Boro to specifically assess costs associated with the tax sale against the delinquent properties, and not to the general tax base.
By October 1st, 2012, all parties interested in the tax sale can view a list of the properties subject to sale at www.redbanktaxsale.com
Persons interested in bidding may register through this site as well. There are many resources offered on this site including a guide to the New Jersey Tax Certificate Process, Bidder Rules, webinars and “mock” sales where a person can practice bidding. A toll-free number to contact Customer Service is also provided for any questions.