JP 3E Holdings Inc (JPTE)

[dukeb]

Apology accepted.

This morning I spoke to an expert in New Jersey tax collection.

As I noted, the interest rate on delinquent accounts with a balance over $ 1500 is 18%. The amount of interest that you see on the web site today does not reflect the 18% because...
https://wipp.edmundsassoc.com/Wipp/?wippid=1808&modFilter=TU#taxPage24681

when a payment is made that payment is first applied to cover all interest charges. Any payment above the interest is applied to the oldest tax amount due.

Per the web site, the most recent payment was made on July 12, 2024. That payment would have brought the interest amount for everything past due down to zero. The interest you see now is calculated from July 12, 2024 until today.

Example:
First quarter taxes of 91,180 x 18% per year = 16,412 in interest for a year.
Divide that by 365 and you get interest of approx $ 45 per day
July 12 through today (July 22) is 10 days. Hence the amount of interest for the 1st quarter is $ 450. I'm sure there is some rounding going on, but it's darn close.

If a new payment is made, as before, it will first pay ALL of the interest charges with any remaining amount being applied against the actual tax due.