Bill > S646

This bill allows municipalities to use a streamlined process, called a "summary proceeding," to foreclose on tax sale certificates that are at least 20 years old, for a period of up to 48 months after the bill becomes law. A tax sale certificate represents a lien on a property for unpaid taxes, and foreclosure is the legal process to take ownership of the property. Currently, foreclosures follow a more complex procedure. This new process requires the municipality to first identify these old tax sale certificates, conduct a title search to confirm ownership, and then publish a public notice of their intent to foreclose in local and statewide newspapers, as well as on the municipality's website. Interested parties will have 45 days from the first publication to object in writing. The tax collector must also send this notice via certified and regular mail to the last known property owner and any other recorded interested parties, and electronically to the Attorney General. After the objection period, the tax collector will file a summary foreclosure action with the court, attaching proof of all required notifications and publications. Once these steps are completed, the foreclosure will proceed under the "In Rem Tax Foreclosure Act (1948)," which is a specific law governing these types of actions. This bill takes effect immediately and will expire after 48 months.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S646