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History
- Referred to local government
- Referred to local government
Full text
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Sponsor's memo
BILL NUMBER:S1170
Title of bill
An act to amend the real property tax law, in relation to authorizing any municipality to enter into a contract to sell some or all of the delinquent tax liens held by such municipality to a private party; and providing for the repeal of such provisions upon the expiration thereof
Purpose
To expand the options available to municipalities to efficiently and effectively manage the collection of delinquent property taxes.
Summary of provisions
Section 1: Adds a new Real Property Tax Law section 1191 to expand the sale of tax liens to private parties. Permits municipalities, under certain conditions, to enter into a contact to sell some or all of their delinquent tax liens to a private party. The contract must be entered into by December 31, 2011. The authority to enter into such contracts sunsets on December 31, 2013. The bill provides for consumer protections for affected property owners, including a requirement for 30 days notification, assurance that the existing redemption periods and interest rates remain unchanged, and the imposition of procedural requirements relating to foreclosure of a mortgage or tax lien sale by the Municipal Bond Bank Agency.
Existing law
Chapter 177 of the Laws of 2004 and Chapter 505 of the Laws of 2006 provide similar authority for the cities of Schenectady and Amsterdam, respectively. In 2007, Gloversville and the city of Utica were added to the list of communities that can utilize this new procedure.
Justification
This bill was introduced at the request of several municipalities that do not have the option of selling their liens to a private entity. This legislation will provide municipalities with the same option which has been utilized by the Amsterdam, Gloversville, Schenectady and Utica.
Legislative history
2009-10: S.8203/A.982 - Referred to Rules/Referred to Real Property Taxation 2007-2008: A.1253 2005-2006: A.6573
Fiscal implications
None.
Local fiscal implications
Should improve the fiscal condition of any municipality that exercises this new option to obtain cash from the sale of delinquent tax liens.
Effective date
Immediately, and shall expire December 31, 2013.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.