TOMS RIVER-If you owe Toms River Township property taxes, you could be on a recently published list by the Township that will send your unpaid debt to a tax sale. The township released a list of 2,000 property owners who could soon have leins placed against their homes.
The township announced on their website that all residents with delinquent 2018 property tax bills will have their debts sent to an online auction on October 16, 2019. The vast majority of delinquencies range from $100 to $500 on their 2018 annual taxes.
Under New Jersy law, if those on the township’s list do not pay their debt, the purchaser of the tax certificates can begin a foreclosure process against the homeowner.
According to the State of New Jersey, At the tax sale, title to the delinquent property itself is not sold. What is sold is a tax sale certificate, a lien on the property. Tax sale certificates can earn interest of up to 18 percent, depending on the winning percentage bid at the auction.
After two years, a lien holder can begin proceedings in Superior Court to foreclose on the property. If foreclosure is perfected, then the name on the deed is changed to that of the lien holder who can then take possession of the property.
If your home is on this list, you can visit the state’s website to learn more about what this upcoming tax sale auction means to you. You now have until 8:30 am on October 16th to pay your unpaid tax bill to avoid the lein process and possible future foreclosure.