Sale of tax liens.

Summary

Currently, the City has authority to sell tax liens through 2028 pursuant to methods authorized in the administrative code. This bill would amend the administrative code to authorize the City to sell tax liens to a New York city land bank through a negotiated sale, and would not provide an expiration date for such authority. Additionally, this bill would require the commissioner of finance to include in the terms and conditions of any sale of tax liens the term and condition that no purchaser of a tax lien may foreclose upon a lien on class one residential real property occupied by the owner as a primary resident until 1 year has passed after the date of sale and the value of the lien reaches the lesser amount of 15% of the property value or $70,000, as well as the term and condition that every purchaser shall regularly send bills of the amount due on the lien and other pertinent information to the property owner.

Committee