Bill > A5302

This bill protects the equity accrued by a property owner in a tax sale foreclosure. Specifically, it amends existing law to provide that when a tax sale certificate is foreclosed, the court shall not vest an absolute and indefeasible estate in the purchaser. Instead, the court shall order the sheriff to hold an Internet auction of the property, and the proceeds from the auction will first be used to reimburse the purchaser for the taxes paid and costs related to the foreclosure action, and then to pay any other municipal liens on the property. Any remaining funds will be forwarded to the property owner, allowing the owner to retain any equity that has accrued in the property.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/A5302