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Assembly committee advances tax-foreclosure overhaul aimed at protecting surplus equity
Summary
The State and Local Government Committee released A3772, which revises New Jersey tax-sale and foreclosure procedures to align with the U.S. Supreme Court’s Tyler decision and to create an opt‑in sheriff’s sale process intended to preserve homeowner surplus equity while preserving investor participation.
A draft overhaul of New Jersey’s tax-sale law moved out of the Assembly State and Local Government Committee after more than an hour of testimony from municipal officials, investors and legal-services advocates. A3772 would revise the state’s tax-foreclosure process to reflect the U.S. Supreme Court’s decision in Tyler v. Hennepin County and to create a pathway for property owners to preserve surplus equity in foreclosure cases.
Proponents including Maureen Cosgrave of the Tax Collectors and Treasurers Association told the committee the bill strikes a balance between protecting homeowners and keeping third‑party investors participating in tax…
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