Residents of New Jersey borough unhappy with vacant property registration effects, seek increases to costs associated
Palmyra, NJ: Residents of a borough bordering Philadelphia are frustrated by the effects a vacant property ordinance instigated in 2013 have had, and are seeking to crack down and expand.
Due to the nature of the foreclosure process, until a property is through the foreclosure process for a bank its sale is delayed. That time of delay is where residents are finding issue with property maintenance or contribution to blight effects.
Specifically, some members of the community see the sale of foreclosed homes, and the process of getting those homes to that point, as sluggish or not being given enough attention by property owners. To push banks toward getting the properties sold, the Borough Council is considering increasing the fess already in place.
The ordinance stipulates the initial registration fee as $500, then increasing to $1,500 at the first yearly renewal, then $3,000 at the second year, and capping at $5,000 for each subsequent year.
At this time, there are not exact numbers for increases, though such an amendment to the ordinance could be in effect in as soon as 30 days should a decision be voted on by the Borough Council.
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