Bill > S3716

This bill amends the tax sale law in New Jersey to address the foreclosure of the right to redeem a tax sale certificate. The key provisions are: 1) Allows a person who holds a tax sale certificate on an abandoned property to file an action with the Superior Court to bar the right of redemption at any time, rather than having to wait the usual 2-year period. 2) Allows the holder of a tax sale certificate on an abandoned property to enter the property to make repairs or address conditions harmful to public health, safety, and welfare or that are reducing the property's value. 3) Provides that if the foreclosed property was the defendant's principal residence, the court shall not vest an absolute and indefeasible estate in the purchaser. Instead, the court shall order an Internet auction of the property, with the proceeds first reimbursing the purchaser for taxes paid and costs, then paying any other municipal liens, before forwarding any remaining funds to the defendant.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S3716