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Bill > S4142
NJ S4142
NJ S4142Revises process for property tax lien holder to foreclose right to redeem a property tax lien; allows property owner to protect remaining equity.
summary
Introduced
11/30/2023
11/30/2023
In Committee
11/30/2023
11/30/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Revises process for property tax lien holder to foreclose right to redeem a property tax lien; allows property owner to protect remaining equity.
AI Summary
This bill revises the process for a property tax lien holder to foreclose on the right to redeem a property tax lien. It allows the property owner to request a judicial sale or an Internet auction through the county sheriff's office to protect any remaining equity in the property. The bill also allows the lien holder to recover reasonable attorney's fees and costs, and establishes a process for distributing any surplus funds from the sale. The provisions of the bill apply to foreclosure complaints filed on or after May 25, 2023, but do not affect foreclosure actions where a final judgment has already been entered.
Committee Categories
Housing and Urban Affairs
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 11/30/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/S4142 |
| BillText | https://pub.njleg.gov/Bills/2022/S4500/4142_I1.HTM |
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