The bill amends New Jersey's tax sale law to enhance the processes related to the sale and redemption of tax sale certificates. Key provisions include a refund of the premium paid by purchasers at judicial sales or Internet auctions to the lienholder if specific conditions are met within five years. The bill also extends the escheat period for any premium due to municipalities in 2024 by one year and clarifies the rights of municipalities and certificate holders in foreclosing the right of redemption for abandoned properties. Additionally, it establishes procedures for entering properties for necessary repairs and outlines the requirements for notifying property owners about their rights during foreclosure, including their ability to request a judicial sale or auction.

Furthermore, the bill addresses the apportionment of costs and attorney fees in in rem foreclosure actions, ensuring that all incurred costs are equitably distributed and added to the redemption amount. It allows for the recovery of attorney fees and costs related to judicial sales or Internet auctions, and establishes that holders of tax sale certificates can claim a first lien on surplus funds for unreimbursed costs. The bill also modifies the form and effect of judgments in actions involving tax sale certificates for abandoned properties, eliminating the requirement for a judicial sale or auction in certain cases while still allowing these options if requested by property owners. The act takes effect immediately and applies to tax liens for which the right of redemption has not been foreclosed as of the effective date.

Statutes affected:
Introduced: 54:5-97.1, 54:5-104.59, 54:5-104.64
Advance Law: 54:5-97.1, 54:5-104.59, 54:5-104.64
Pamphlet Law: 54:5-97.1, 54:5-104.59, 54:5-104.64