New Jersey Statutes Title 54. Taxation 54 § 4-97

In a city where taxes or assessments or both, levied and assessed upon or on account of real or personal property remain unpaid, and the lien of the city for those taxes and assessments is questioned, impaired or in litigation, the board having control of the finances thereof may, upon application and petition in writing presented to it by or on behalf of a person interested in the property, make a revision, alteration, adjustment or settlement of the taxes or assessments, or both, so levied, assessed and remaining unpaid, and the interest and penalties thereon, and fix and determine an amount to be accepted by the city in full satisfaction thereof.