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History
- Referred to local government
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to the sale of real property acquired by a tax district by virtue of a tax foreclosure proceeding
Purpose
To require that the excess proceeds from the sale of real property acquired by a tax district in a tax foreclosure proceeding be returned to the former owner.
Summary of provisions
Adds a new subdivision 1-a to a section 1166 of the Real Property Tax Law. Requires that upon the sale of real property acquired by a tax district by virtue of a tax foreclosure proceeding, any proceeds of such sale in excess of the total amount of the delinquent tax lien or liens for which such proceeding was commenced, including all charges authorized by law, shall be returned to the former owner of such property.
Justification
This legislation attempts to correct the inequity resulting from the auction sale of properties in severe default on their tax payments, where the amount of unpaid taxes is relatively small in comparison with the price that is received at auction.
Legislative history
2007-08, S.4853; 2005-06, S.3620.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.