Tax Lien Certificates

Cumberland County Tax Lien Certificates

In Cumberland County New Jersey tax lien certificates are sold at the Cumberland County tax sale. Tax delinquent properties are advertised in a local newspaper prior to the Cumberland County tax sale. Anyone wishing to bid must register preceeding the Cumberland County tax sale. Bids begin at eighteen (18) percent annually, compounded daily, however through competitive bidding interest can be bid down from eighteen (18) percent to zero (0) percent.

If the interest is bid down to zero (0) percent, then a "premium," bid commences. The bidder with the lowest interest rate or the greatest "premium" bid wins the right to purchase the Cumberland County New Jersey tax lien certificate. It is important to note that the premium amount does not earn interest.

The winning bidder must record the purchase of the Cumberland County New Jersey tax lien certificate in the Cumberland County Clerk's Office within 90 days of the purchase or risk losing their interest.

Taxes continue to accrue on the property after the sale of the certificate. Bidders have the option to pay these subsequent taxes; if they are not paid, a tax lien certificate will be sold at the next Cumberland County New Jersey tax sale. Any subsequent certificate issued will be paramount to any prior tax lien certificate. Subsequent taxes paid by the tax lien certificate owner earn interest at the rate set by the Cumberland County.

After two (2) years, the Cumberland County New Jersey tax lien certificate owner can initiate proceedings in Cumberland County Superior Court to foreclose on the property. If foreclosure is perfected, then the name on the deed is changed to that of the Cumberland County New Jersey tax lien certificate owner who can then take possession of the property.

If the Cumberland County New Jersey tax lien certificate is redeemed by the delinquent property owner prior to foreclosure, the Cumberland County New Jersey tax lien certificate earns a redemption penalty at the rate of 2, 4, or 6 percent, depending on the amount of the original Cumberland County New Jersey tax lien certificate, in addition to any interest rate on the tax lien certificate.

According to New Jersey Law, on tax lien certificates greater than $200, a penalty of 2% is added to the tax lien certificate, tax lien certificates greater than $5,000 bring a 4% penalty and tax lien certificates greater than $10,000, a 6% penalty is added. Some municipalities include an additional 6% year end penalty on tax lien certificates over $10,000 and could raise the penalty to as much as 12%.

If the Cumberland County New Jersey tax lien certificate is not redeemed, or the property foreclosed within the five (5) year period, then the premium amount escheats to the Cumberland County.

Tax Sale Type: Tax Lien Certificates

Contact: County Tax Collector (Sec. 54:5-19 )

Interest Rate: 18% per annum (Sec. 54:5-61 and (Sec. 54:5-32 )

Penalty Rate: 4% - 6% (Sec. 54:5-61 and (Sec. 54:5-32 )

Bid Procedure: Bid Down (Sec. 54:5-32 )

Redemption Period: Two (2) years (Sec. 54:5-86 )

Law: New Jersey Revised Statutes, Title 54, Subtitle 2, Chapter 5, "Tax Sale Law."

Additional Notes:

Amount to Redeem: According to (Sec. 54:5-32 ) the 'sale shall be made in fee to such person as will purchase the property, subject to redemption at the lowest rate of interest, but in no case in excess of 18% per annum. If at the sale a person shall offer to purchase subject to redemption at a rate of interest less than 1%, he may, in lieu of any rate of interest to redeem, offer a premium over and above the amount of taxes, assessments or other charges, as in this chapter specified, due the municipality, and the property shall be struck off and sold to the bidder who offers to pay the amount of such taxes, assessments or charges, plus the highest amount of premium...'.

In addition, according to (Sec. 54:5-61 ) When the tax title certificate amount shall exceed the sum of two hundred ($200) dollars, the holder, upon redemption of the tax title shall be entitled to collect from the owner or other person having an interest in the lands an additional sum equal to two per cent of the amount so paid for the tax title certificate.

Furthermore, according to (Sec. 54:5-62 ) When the tax title certificate amount shall exceed the sum of $5,000, such additional sum shall be equal to 4% of such amount paid; and when the tax title certificate amount exceeds $10,000, such additional sum shall be equal to 6% of such amount paid. This section shall also apply to all existing tax title certificates held by municipalities on the effective date of P.L.1991, c.75.

Cities located in Cumberland County New Jersey

To learn more about New Jersey Tax Lien Certificates simply click on the name of the town or city for which you are interested in the list below.

Town/City:	Population:
Bivalve	2,628
Bridgeton	44,505
Carmel	33,846
Cedarville	1,905
Deerfield	199
Deerfield St	199
Deerfield Street	199
Deerfield Twp	44,505
Delmont	1,951
Dorchester	258
East Vineland	39,757
Fairfield Twp	44,505
Fortescue	200
Gandys Beach	860
Greenwich	833
Greenwich Township	833
Heislerville	539
Laurel Lake	33,846
Leesburg	2,622
Mauricetown	99
Millville	33,846
Newport	860
Port Elizabeth	372
Port Norris	2,628
Prt Elizabeth	372
Rosenhayn	860
Seabrook	44,505
Shiloh	536
South Vineland	39,757
Stow Creek Twp	44,505
Thompson Beach	539
Upper Deerfield Twp	44,505
Vineland	56,047

Counties located in New Jersey

To learn how to purchase New Jersey Tax Lien Certificates simply click on the name of the county for which you are interested in the list below.

County:	Auction Type:	Population:
Atlantic County	Tax Lien Certificates	252,552
Bergen County	Tax Lien Certificates	884,118
Burlington County	Tax Lien Certificates	423,394
Camden County	Tax Lien Certificates	508,932
Cape May County	Tax Lien Certificates	102,326
Cumberland County	Tax Lien Certificates	146,438
Essex County	Tax Lien Certificates	793,633
Gloucester County	Tax Lien Certificates	254,673
Hudson County	Tax Lien Certificates	608,975
Hunterdon County	Tax Lien Certificates	121,989
Mercer County	Tax Lien Certificates	350,761
Middlesex County	Tax Lien Certificates	750,162
Monmouth County	Tax Lien Certificates	615,301
Morris County	Tax Lien Certificates	470,212
Ocean County	Tax Lien Certificates	510,916
Passaic County	Tax Lien Certificates	489,049
Salem County	Tax Lien Certificates	64,285
Somerset County	Tax Lien Certificates	297,490
Sussex County	Tax Lien Certificates	144,166
Union County	Tax Lien Certificates	522,541
Warren County	Tax Lien Certificates	102,437

 

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