Bill
Bill > A3772
NJ A3772
NJ A3772Revises process for property tax lien holder to foreclose right to redeem a property tax lien; allows property owner to protect remaining equity.
summary
Introduced
02/22/2024
02/22/2024
In Committee
06/24/2024
06/24/2024
Crossed Over
06/28/2024
06/28/2024
Passed
06/28/2024
06/28/2024
Dead
Signed/Enacted/Adopted
07/10/2024
07/10/2024
Introduced Session
2024-2025 Regular Session
Bill Summary
An Act revising the process for a property tax lien holder to foreclose the right to redeem a property tax lien, amending various parts of the statutory law, and supplementing chapter 5 of Title 54 of the Revised Statutes and P.L.1948, c.96 (C.54:5-104.29 et seq.).
AI Summary
This bill revises the process for a property tax lien holder to foreclose the right to redeem a property tax lien. It allows property owners or their heirs to request a judicial sale or an Internet auction through the county sheriff's office to preserve any equity in the property, except for properties that meet the definition of "abandoned property." The bill also outlines the fees and costs that can be recovered by the lien holder, and provides a process for the distribution of any surplus funds from a sale. The bill applies to any tax lien for which the right of redemption has not been foreclosed as of the effective date of the act.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (24)
Yvonne Lopez (D)*,
Barbara McCann Stamato (D)*,
Angela Mcknight (D)*,
William Sampson (D)*,
Brian Stack (D)*,
Carmen Amato (R),
Reginald Atkins (D),
Rosaura Bagolie (D),
Renee Burgess (D),
Margie Donlon (D),
Vin Gopal (D),
Dan Hutchison (D),
Paul Kanitra (R),
Greg McGuckin (R),
Nancy Muñoz (R),
Carol Murphy (D),
Luanne Peterpaul (D),
Jessica Ramirez (D),
Verlina Reynolds-Jackson (D),
Gabriel Rodriguez (D),
Shanique Speight (D),
Sterley Stanley (D),
Claire Swift (R),
Benjie Wimberly (D),
Last Action
Approved P.L.2024, c.39. (on 07/10/2024)
Official Document
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A3772 |
| BillText | https://pub.njleg.gov/Bills/2024/PL24/39_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/AL24/39_.HTM |
| BillText | https://pub.njleg.gov/Bills/2024/A4000/3772_R1.HTM |
| Analysis - Statement AAP 6/24/24 | https://pub.njleg.gov/Bills/2024/A4000/3772_S2.PDF |
| Fiscal Note - Fiscal Estimate 6/25/24; as introduced | https://pub.njleg.gov/Bills/2024/A4000/3772_E1.PDF |
| Analysis - Statement ASL 6/24/24 | https://pub.njleg.gov/Bills/2024/A4000/3772_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/A4000/3772_I1.HTM |
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