Revises tax lien foreclosure process to protect equity accrued by property owner in tax lien foreclosure.

This bill revises New Jersey's tax lien foreclosure process to comply with recent court decisions finding that the previous system violated constitutional protections against takings. It requires courts to order judicial sales of properties instead of directly transferring ownership to lienholders when property taxes are unpaid. Proceeds from these sales must first reimburse lienholders for taxes paid plus interest and costs, then cover municipal liens, then sheriff's sale costs, with any remaining funds going to the former property owner. The bill also changes tax sale bidding rules to use 0.25% interest increments and random selection for tied bids. This affects property owners, municipalities, and private lienholders in New Jersey's tax lien foreclosure process.