Brick Collects $2.4M in Back Taxes
Properties were set to go to lien sales
The township collected $2.4 million in back property taxes earlier this month as part of the annual tax lien sale process.
Altogether, there were 1,045 pieces of debt up for auction at the annual tax sale, which took place April 3.
In the sale, bidders vie to buy up tax debt in a "Dutch auction" round of public bidding. Once a buyer successfully bids down an interest rate which the delinquent taxpayer will be charged, the lienholder satisfies the tax debt with the township immediately and begins a two-year waiting game before they can foreclose on the property.
During those two years, the property owner can pay back the lienholder, with interest.
This year, delinquent tax bills ranged from a $56,729 debt owed by a property owner on a parcel of land on Route 35 in the township's barrier island section to delinquencies of just a few dollars.
Out of 407 properties listed for the tax lien sale, 405 were sold, including the debt on the Route 35 property, public records show.
The remainder of the property owners settled their debts, according to Council President John Ducey.
Taxpayers ponied up $1,551,000 in delinquent taxes to avoid the liens, Ducey said. Another $868,055 was collected by way of the auction. In all, $2,419,055 was collected.