Protects equity accrued by property owner in tax sale foreclosure.

New Jersey A1458 revises the process governing an action filed in Superior Court by the holder of a tax lien on certain parcels of real property when that person institutes an action to foreclose the right of redemption of the tax lien. The right of redemption of a tax lien is the right of the owner of the property on which the tax lien exists to pay the holder of the tax lien and remove the lien from the property. The bill ensures that the court does not grant the tax lien holder ownership of the property.

Protects equity accrued by property owner in tax sale foreclosure.

New Jersey A1458 revises the process governing an action filed in Superior Court by the holder of a tax lien on certain parcels of real property when that person institutes an action to foreclose the right of redemption of the tax lien. The right of redemption of a tax lien is the right of the owner of the property on which the tax lien exists to pay the holder of the tax lien and remove the lien from the property. The bill ensures that the court does not grant the tax lien holder ownership of the property.