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

This bill reduces the maximum interest rate property owners pay to redeem tax liens from 18% to 9% per year. It directly affects homeowners and property owners who have had tax liens placed on their properties by municipalities. The key change amends existing law (R.S.54:5-32) to cap the redemption interest rate at 9%, while allowing bidders to offer cash premiums instead of interest rates. This policy change simplifies the redemption process and lowers costs for affected property owners under current tax lien procedures.