Asbury Park Press front page Friday, Oct. 16 2015
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Gear up The monstrous popularity of Trunk or Treats at the Jersey Shore. In Jersey Alive! ASBURY PARK PRESS APP.COM $1.00 FRIDAY 10.16.1 5 H unched over spreadsheets , a dozen or so real es- tate investors at Manchester’s Oct. 6 tax lien auction barely looked up as they raised their in- dex fingers and methodically called out bids on more than 200 delinquent properties. h The sale took less than 90 minutes, and when it was over, the township deposited more th an $160,000 into the municipal treasury. hThe real drama comes later, when property owners realize just how costly it can be to fall behind on property tax payments. Many of these liens, debt now owned by a range of investors from private citizens to corporati ons, carry annual interest rates as high as 18 percent. That’s how relatively small tax debts can quickly snowball to many times what was originally owed. h What’ s more, if the debt isn’t paid in full w ithin two years, the lien holder has the right to seize the property through foreclo- sure. It doesn’t matter if the initial unpaid property tax or muni- Average of 400 liens sold per day in N.J., generating $327 million in revenue annually THOMAS P. COSTELLO/STAFF PHOTOGRAPHER A police officer escorts an Asbury Park Press photographer from the Manchester town hall room where a tax lien auction was about to start. The P ress was improperly barred from photographing the public event. Reporter Shannon Mullen (right) speaks with Manchester Township Court Administrator T racy Barcus during the Oct. 6 dispute. $327M The amount municipalities raise by selling to investors liens on unpaid property taxes and other municipal bills. 146,000 The number of liens sold last year 400 The average number of homes put at risk each day from the tax lien sales. Lien holders can foreclosure after two years of non-payment. 18% The maximum interest rate lien holders can collect on unpaid tax bills. SHANNON MULLEN @MULLENAPP TOWNS MAKE MILLIONS FROM TAX MISERY Ronald Puczilowski Sr. depends on his $537 Social Security check each month to buy groceries, but know- ing he will get no increase in those checks next year, the 68-year-old Manchester man is already thinking of what he’ll have to sacrifice. “I’m going to have to lose something,” he said as he stood outside a Manchester grocery store on Thursday evening. Millions of Social Security recipients like Puczilow- ski as well as disabled veterans and federal retirees will see no benefit increase next year, the government said Thursday. No increase in Social Security for next year AMANDA OGLESBY AND STEPHEN OHLEMACHER @OGLESBYAPP AND @STEPHENATAP Lack of hike in benefits could mean higher Medicare costs for seniors See FLAT, Page 9A AG: Cops justified in killing man who held son hostage
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Asbury Park Press front page for Friday, Oct. 16 2015.
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Gear upThe monstrous popularity of
Trunk or Treats at the Jersey
Shore. In Jersey Alive!
Scammers pretending to be representatives of the LincroftFire Company are calling township residents under the guiseof raising money for the fire department. STORY, 14A
YOUR MONEY
Don’t fall forscammers’ trick
ASBURY PARK PRESS APP.COM $1.00
FRIDAY 10.16.15
VOLUME136
NUMBER 248
SINCE 1879
ADVICE JERSEY ALIVE
CLASSIFIED 4D
COMICS JERSEY ALIVE
LOCAL 3A
MOVIES JERSEY ALIVE
OBITUARIES 15A
OPINION 10A
SPORTS 1C
WEATHER 7C
YOUR MONEY 14A
Hunched over spreadsheets, a dozen or so real es-
tate investors at Manchester’s Oct. 6 tax lien
auction barely looked up as they raised their in-
dex fingers and methodically called out bids on
more than 200 delinquent properties.hThe sale
took less than 90 minutes, and when it was over, the township
deposited more than $160,000 into the municipal treasury.hThe
real drama comes later, when property owners realize just how
costly it can be to fall behind on property tax payments. Manyof these liens, debt now owned by a range of investors from
private citizens to corporations, carry annual interest rates as
high as 18 percent. That’s how relatively small tax debts can
quickly snowball to many times what was originally owed. h
What’s more, if the debt isn’t paid in full within two years, the
lien holder has the right to seize the property through foreclo-
sure. It doesn’t matter if the initial unpaid property tax or muni-
cipal water or sewer bill was for as little as $41, as some in the
Manchester sale were. That’s been the law in New Jersey for
decades. h Hundreds of these auctions each year put the teethinto New Jersey’s property tax bite.
Average of 400 liens sold per day in N.J.,
generating $327 million in revenue annually
THOMAS P. COSTELLO/STAFF PHOTOGRAPHER
A police officer escorts an Asbury Park Press photographer from the Manchester town hall room where a tax lien auction wasabout to start. The P ress was improperly barred from photographing the public event. Reporter Shannon Mullen (right) speakswith Manchester Township Court Administrator Tracy Barcus during the Oct. 6 dispute.
$327MThe amount municipalitiesraise by selling to investorsliens on unpaid propertytaxes and other municipalbills.
146,000The number of liens sold lastyear
400The average number ofhomes put at risk each dayfrom the tax lien sales. Lienholders can foreclosure aftertwo years of non-payment.
18%The maximum interest ratelien holders can collect onunpaid tax bills.
SOURCE: NATIONAL TAX LIEN
ASSOCIATION
SHANNON MULLEN @MULLENAPP
INSIDE
Wall, Red Bank leaders are the latest of a growing list ofofficials asking the Monmouth County Tax Board tosuspend the Assessment Demonstration Program, whichwas at the center of a Press investigation.STORY, 5A
ONLINE
Visit APP.com/ taxcrisis to read prior stories, see videosand use our exclusive interactive chart to see what yourtaxes could be in the future.
See TAX, Page 4A
TOWNS MAKEMILLIONS FROM
TAX MISERY
Ronald Puczilowski Sr. depends on his $537 SocialSecurity check each month to buy groceries, but know-ing he will get no increase in those checks next year, the68-year-old Manchester man is already thinking ofwhat he’ll have to sacrifice.
“I’m going to have to lose something,” he said as hestood outside a Manchester grocery store on Thursdayevening.
Millions of Social Security recipients like Puczilow-ski as well as disabled veterans and federal retirees willsee no benefit increase next year, the government saidThursday.
No increasein Social
Security for
next year
AMANDA OGLESBY AND STEPHEN OHLEMACHER
@OGLESBYAPP AND @STEPHENATAP
Lack of hike in benefits could meanhigher Medicare costs for seniors
See FLAT, Page 9A
MIDDLETOWN In the moments before Scott McAl-lister was killed by police, authorities say, he wielded aknife, made threatening statements, and moved towardthe officer who fatally shot him.
The Attorney General’s Office concluded the Mon-mouth County Emergency Response Team officer used“an acceptable level of force” in shooting McAllisterMay 26, according to a statement issued Tuesday. McAl-lister engaged police in a five-hour standoff, holding his
AG: Cops justifiedin killing man whoheld son hostageSTEPH SOLIS AND ANDREW FORD
@STEPHMSOLIS AND @ANDREWFORDNEWS
See HOSTAGE, Page 8A
WITHDRAWAL HALTED; 5,500 TROOPS TO STAY IN AFGHANISTAN PAGE 1B
