[HISTORY: Adopted by the Mayor and Council
of the Borough of Netcong as indicated in article histories. Amendments
noted where applicable.]
GENERAL REFERENCES
Personal property sales — See Ch. 234.
[Adopted 7-11-1972 as Ch. 82 of
the 1972 Code]
All tangible household personal property and
personal effects located within the Borough of Netcong shall not be
assessed and taxed.
This article shall apply to taxes on tangible
household personal property and personal effects due and payable in
the year 1962 and thereafter so long as this article shall be in effect,
and shall not affect the obligation, lien or duty to pay any taxes,
interest or penalties which have accrued or may accrue by virtue of
any assessment made or which may be made with respect to taxes levied
for any year prior to the year 1962, nor shall this article affect
the legal authority to assess and collect taxes which may be or have
been due and payable prior to January 1, 1962, together with such
interest and penalties as would have accrued thereon under any provisions
of law amended or repealed hereby; nor shall this article invalidate
any assessments or affect any proceedings for the enforcement thereof
pending upon the effective date of this article or upon January 1,
1962, or during the period between said dates.
A certified copy of this article shall be filed
with the Division of Taxation in the Department of the Treasury of
the State of New Jersey, and with the County Board of Taxation of
Morris County.
[Adopted 10-12-2023 by Ord. No. 2023-17]
There is hereby imposed a sale and transfer tax on all cannabis
products sold by cannabis retailers within the Borough of Netcong.
Such tax will be imposed at time of sale or transfer and shall further
be imposed upon the value of cannabis products transferred by any
concurrent license holder operating more than one establishment of
any class, to or from the license holder's establishment located
within the Borough of Netcong to any or from the license holder's
other establishments, whether or not such establishment is located
within the Borough of Netcong.
The tax rate for the retail sale of any cannabis product shall
be 2% of the value of each receipt or transaction of sale. The tax
rate for any transfer by concurrent license holder of cannabis products
shall be 1% of the market value of the transferred cannabis product.
Every retail cannabis establishment and/or licensee shall remit
taxes collected and due and owing on a quarterly basis to the municipal
chief fiscal officer, along with certified copies of sales receipts
and product transfer ledgers or documentation. The dates of tax remission
shall be on or before April 1, July 1, October 1 and January 2, or
as established by the chief fiscal officer. Each licensee shall certify
to the truth and accuracy of the receipts and product transfer ledgers
or documentation, and shall remit a return in a form determined by
the chief fiscal officer.
All unpaid taxes as required under this article shall be subject
to the accrual of interest and penalties at rates and penalties set
forth and established for delinquent ad valorem taxes within the Borough
of Netcong. Default in the payment of taxes as required under this
article for two quarters shall result in the suspension of the retail
cannabis license, which shall be lifted upon payment of arrearages.
Default in the payment of taxes as required under this article for
four quarters shall result in the revocation of the retail cannabis
license.
Each retail cannabis establishment owner and/or licensee shall
be personally liable for any and all taxes imposed under this article
and any interest and penalty accruing thereon. In addition, any unpaid
balance and interest and penalties accruing thereon shall constitute
a lien on the real property in which the retail cannabis establishment
is located and such liens shall be enforced in the same manner as
municipal tax liens.
Every retail cannabis establishment and/or licensee within the
Borough of Netcong shall submit to the Borough of Netcong a certified
financial audit, no greater than once per annum, of the establishment's
or licensee's business records, receipts and accounting books,
such audit to be performed by a certified public accountant selected
by the Borough of Netcong and compensated by the licensee. Every retail
cannabis establishment and licensee shall be obligated to fully comply
with the requirements of an auditor. Failure to cooperate with the
audit, or any misrepresentation, failure to pay the auditor, or fraud
committed by the establishment or licensee, shall result in the immediate
suspension of the license.
Every cannabis retail establishment and/or licensee shall post
with the Borough of Netcong an initial tax escrow, by cash or letter
of credit, in an amount equal to 2% of the projected gross sales for
the first two quarters of operation for guaranteeing the payment of
taxes as required by this article. Subsequent to the initial year
of operation, the cannabis retail establishment and/or licensee shall
post, by cash or letter of credit, an escrow in amount equal to 2%
of actual gross sales of the last two quarters of the prior year.
In the event of default in the remission of taxes for two or more
quarters, the escrow shall be forfeit and become the property
