Bill > A3896

This bill amends existing New Jersey law to lower the maximum interest rate that can be charged when someone redeems a tax lien, which is a legal claim on a property for unpaid taxes. Currently, the law allows for an interest rate of up to 18 percent per year on the amount owed to redeem the property. This bill proposes to cap that interest rate at a much lower nine percent per year, meaning that if a property owner needs to pay off back taxes and associated fees to get their property back, the maximum interest they would have to pay on that amount is now nine percent annually, a significant reduction from the previous 18 percent limit.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2026/A3896