State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-54 > Section-54-5 > 54-5-126b

54:5-126b.  Redemption of land from municipality;  amount
    In any such case where there is an outstanding right of redemption of the land from the original tax sale the owner, mortgagee, occupant or other person having an interest in such land shall have the right to redeem the same upon payment to the municipal collector, an amount to be fixed by resolution of the governing body of the municipality.  The amount to be fixed by any such resolution shall include those items specified in the act to which this act is a supplement and in addition a sum equivalent to the taxes which would have been assessed against the land had the municipality not made the conveyance and  transfer to the State of New Jersey, calculated upon the latest assessed valuation and the several annual rates of taxation during the period between the conveyance and transfer by the municipality to the State and the conveyance  and transfer back to the municipality by the State under this act; but in no  event more than the market value to be determined by the local government body  at time of redemption.  If during the period when the lands were exempt from  taxation by reason of the title being vested in the State of New Jersey as  provided by the act to which this act is a supplement the State paid to the  municipality any sums in lieu of taxes, the amount of such sums shall be  deducted by the municipality in fixing that part of the amount added to the  amount required to redeem as representing taxes that would have been assessed  had not the municipality conveyed the land to the State.  That part of the  amount required to reimburse the Department of Conservation and Economic Development for such sums if any paid by it to the municipality in lieu of taxes and for such expenses incurred or expenditures made by said department on  account of the acquisitions of such land shall be calculated and certified to  the municipality by the Commissioner of Conservation and Economic Development  at the time of the making of the conveyance by the State to the municipality.   Upon any such redemption the municipal collector shall remit to the Department  of Conservation and Economic Development the sums required to reimburse the  said department.

     L.1967, c. 196, s. 2, eff. Aug. 15, 1967.