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

This bill caps the interest rate for redeeming property subject to a tax lien at 9% per year, reducing the current legal limit of 18%. It directly affects New Jersey property owners who have tax liens placed on their property and wish to redeem it before foreclosure. The key provision amends state law (R.S.54:5-32) to set the maximum redemption interest rate at 9%, ensuring property owners pay no more than this rate to regain their property. The change applies immediately upon enactment and applies to all tax lien redemptions under the current statute.