A 3485
Revises tax lien foreclosure process to protect equity accrued by property owner in tax lien foreclosure.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill revises New Jersey’s tax lien foreclosure process to protect equity accrued by property owners. It addresses a recent Supreme Court decision (Tyler v. Hennepin County) that found it unconstitutional for lienholders to retain excess property value beyond the outstanding tax debt. The bill requires that, after a tax lien is foreclosed, any remaining equity in the property must be returned to the original owner, regardless of whether the lienholder is a municipality or a private entity. It also clarifies procedures for judicial sales and reimbursement of costs.
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