What happens to unsold NJ tax liens?

[Joe P.]

What happens when a tax lien certificate for a New Jersey property is not sold at the tax sale?  Here in PA we have a list called the repository list where properties sit if they are not sold at any of the tax deed auctions.  Is there something similar in New Jersey?  How would I find a list of those properties?

[Ryan Goldfarb]

@Joe P. - These days, at least in NJ, I haven't heard of anything not selling at auction (the auctions start at an 18% interest rate, which is unheard of in almost any asset class).

My understanding is that the city holds onto the tax lien certificate if it doesn't sell. At some point, they may foreclose and sell off the underlying real estate.