This bill proposes a new summary in rem tax foreclosure proceeding for municipalities in New Jersey, specifically targeting tax sale certificates that have been held for at least 20 years. The bill allows municipalities to initiate this summary proceeding for a period not exceeding 48 months from the date of enactment, streamlining the process to facilitate the foreclosure of long-held tax liens. The governing body of the municipality must approve the use of this summary proceeding through a resolution. The tax collector is tasked with identifying eligible tax sale certificates, conducting a title search, and preparing a Notice of Intent to File a Summary In Rem Tax Foreclosure Action, which must be published and sent to relevant parties.

Key provisions include a requirement for the tax collector to notify property owners and interested parties of the impending foreclosure, allowing them 45 days to submit objections. After this period, the tax collector can file a Summary In Rem Tax Foreclosure Action with the Superior Court, attaching necessary documentation such as the tax sale certificate details and proof of notice. The bill aims to reduce the financial burden on municipalities by simplifying the foreclosure process for old tax liens, which can be costly and complex under current law.

Statutes affected:
Introduced: 54:5-104.32