Protects equity accrued by property owner in tax sale foreclosure.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill aims to protect equity accrued by property owners in tax sale foreclosure cases. It responds to a recent Supreme Court decision that limits the ability of tax sale certificate holders (municipalities or private lienholders) to retain excess property value beyond the outstanding tax debt. The bill requires that any remaining equity after a tax lien foreclosure is returned to the former property owner, along with property taxes and interest paid by the lienholder. It also modifies the process for Superior Court actions to foreclose the right of redemption, requiring an auction of the property and directing the return of funds to both the former owner and the municipality.
Bill text
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Document of record
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Sponsors
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2 on record
Primary sponsors
Joseph Cryan
M. Ruiz
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