Taxes exceeding value of realty; adjustment and settlement

When taxes or assessments, or both, levied and assessed against real property are in arrears and unpaid and the owner of the real property or other person having an interest therein shall make application in writing to the governing body of the municipality in which the property is situate for a revision, adjustment and reduction of the taxes or assessments, or both, and the governing body shall determine that the sum of the taxes or assessments, or both, and the interest due thereon is greater in amount than the value of the real property upon which they were levied, assessed and fixed, the governing body may fix and determine an amount to be accepted by the municipality in full satisfaction of the taxes or assessments, or both, and the interest accrued thereon. If, within thirty days from the date of that determination, the petitioner shall pay to the collector of taxes or other proper officer of the municipality the amount so fixed and determined, it shall be accepted in full satisfaction of all such taxes, assessments and interest thereon. The collector or other proper municipal officer shall forthwith enter on his records the sum as in full payment, satisfaction and discharge of such taxes, assessments and interest, and they shall cease to be a lien upon the real property on which they were levied or assessed. If the sum so fixed and determined is not paid within thirty days after the determination by the governing body, all proceedings under this section shall be without force and effect.