What is the interest rate on late payments?

NJSA 54:4-67 states that if payment is not received by the end of business hours on the 10th day of the grace period, interest is to be charged. Interest is 8% per annum on the first $1,500.00 of delinquency; balances in excess of $1,500.00 have an interest rate of 18% per annum. This 18% rate remains in place until the taxes are brought current. Interest is charged from the 1st of the month that the payment is due, or the date of the last payment. In addition, if the total balance (tax and interest) exceeds $10,000.00 on December 31, a 6% penalty shall be added to the amount due to the Township.

Under this statute, the collector must have physical possession of the payment; no postmarks are accepted. Also, any payment placed in the Township drop box after 12:00 p.m. is considered as received the next business day.