Section 54:5-33 - Payment; resale; redemptiona. Payment for the sale shall be made before the conclusion of the sale, or the property shall be resold. Any premium payment shall be held by the collector and returned to the purchaser of the fee if and when redemption is made. If redemption is not made within five years from date of sale the premium payment shall be turned over to the treasurer of the municipality and become a part of the funds of the municipality. In the event that a petition of bankruptcy has been filed by the property owner, the five year limitation shall be extended for each day that the foreclosure action is precluded by that bankruptcy filing.b. In the event a property is required to be sold at a judicial sale as in the manner of the foreclosure of a mortgage or an Internet auction through the office of the county sheriff, the premium shall be refunded to the lienholder if, within five years of the date of the tax sale, the writ of execution is sent to the county sheriff's office to schedule the judicial sale or Internet auction.In the event that the holder of the tax sale certificate, or an assignee, is the successful bidder at the judicial sale or the Internet auction, the tax collector shall not refund any premium.
Any premium that is due to escheat to the municipality in 2024 shall be extended one year.
Amended by L. 2024, c. 39,s. 1, eff. 7/10/2024, app. to any tax lien for which the right of redemption has not been foreclosed as of the effective date of this act. This act shall have no effect on any foreclosure action in which a final judgment has been entered prior to the effective date of this act.Amended by L. 2009 , c. 320,s. 7, eff. 1/18/2010.Amended by L.1942, c.193, p.565, s.1.