New Jersey A 3896: Requires State agency to identify at least two existing rules for repeal for every one new rule adopted.

Bill Text

A3896 

ASSEMBLY, No. 3896 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblyman ROBERT J. KARABINCHAK

District 18 (Middlesex)

Assemblyman STERLEY S. STANLEY

District 18 (Middlesex)

SYNOPSIS

���� Caps interest rate for redemption of tax lien at nine 
percent per year.

CURRENT VERSION OF TEXT 

���� Introduced Pending Technical Review by Legislative 
Counsel.

�� 

An Act concerning the interest rate for the redemption 
of a tax lien and amending R.S.54:5-32.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.� R.S.54:5-32 is amended to 
read as follows:

���� 54:5-32.� The sale shall be 
made in fee to such person as will purchase the property, subject to redemption 
at the lowest rate of interest, but in no case in excess of [18%] nine percent 
per [annum] year.� 
If at the sale a person shall offer to purchase subject to redemption at a rate 
of interest less than [1%] one 
percent, or at no interest, he may, in lieu of any rate of interest to 
redeem, offer a premium over and above the amount of taxes, assessments or 
other charges, as in this chapter specified, due the municipality, and the 
property shall be struck off and sold to the bidder who offers to pay the 
amount of such taxes, assessments or charges, plus the highest amount of 
premium.

(cf: P.L.2009, c.320, s.6)

���� 2.��� This act shall take 
effect immediately.

STATEMENT

���� This bill would cap the 
interest rate for the redemption of a tax lien to nine percent per year.� 
Current law caps that interest rate at 18 percent per year.