Bill > S2334

This bill modifies the process for property tax lien holders to foreclose on the right to redeem a property tax lien, while also providing property owners with mechanisms to protect any remaining equity in their property. Key provisions include allowing property owners to request a judicial sale, similar to a mortgage foreclosure, or an internet auction conducted by the county sheriff, to ensure they receive fair market value for their property and any surplus equity. The bill also clarifies the timelines and procedures for these sales, outlines how surplus funds from such sales will be handled, and specifies various fees and costs that can be added to the redemption amount, such as attorney fees and search costs. Additionally, it addresses situations involving abandoned properties and provides specific rules for foreclosures initiated by municipalities. The changes are intended to apply to tax liens where the right of redemption has not yet been foreclosed.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/S2334