New Jersey bill S1321 protects property owner equity in tax sale foreclosures.
New Jersey bill S1321 amends the state's tax sale law to ensure that any equity remaining in a property after a tax lien foreclosure is returned to the property owner. Currently, the law allows the holder of a tax sale certificate to receive the property itself, including any equity, after the court forecloses the right of redemption. This bill changes that by requiring the court to order that the sum of all property taxes paid by the tax lien holder, plus interest, and costs related to the foreclosure action, be the first priority lien on the property.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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