§ 1194-A — Administration of surplus in connection with tax lien sales

New York § 1194-A

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 5: Sales of Delinquent Tax Liens
• Art. 11: Procedures For Enforcement of Collection of Delinquent Taxes

Text

§ 1194-a. Administration of surplus in connection with tax lien sales.\nReal property tax liens owned by third parties, including those tax\nliens sold pursuant to former title three of article fourteen of this\nchapter or pursuant to a special or local law or charter shall only be\nenforced in the manner described in this section:\n 1. Upon written application and the surrender of the tax lien\ncertificate of sale, a treasurer's deed may be issued vesting in the tax\nlien certificate holder an absolute estate in fee, subject to all claims\nthe taxing jurisdiction or state may have thereon for taxes, liens or\nencumbrances, if (a) a New York state licensed real estate appraiser\nconducts an appraisal of the property prior to the issuance of the deed\nto establish the property's fair market value and (b) the property's\nappraised value does not exceed the outstanding amount due to the tax\nlien holder. The tax district shall levy the cost of conducting the\nappraisal as a lien upon the property to be collected along with any\nother pending taxes, liens, or encumbrances; or\n 2. Notwithstanding any other law to the contrary, after the applicable\nredemption period has elapsed, an action to foreclose a tax sale\ncertificate issued pursuant to former title three of article fourteen of\nthis chapter or pursuant to a local law or charter may be commenced and\nmaintained pursuant to this title.\n 3. Notwithstanding any other law to the contrary, when a tax lien has\nbeen sold to a third party, the lienholder shall send a homeowner\nwarning notice in the manner provided by section eleven hundred\nforty-four of this article at least one hundred eighty days prior to\nmaking application for a treasurer's deed or commencing a foreclosure\nproceeding, as the case may be.\n 4. Notwithstanding the foregoing provisions of this section, in a city\nwith a population of one million or more, real property tax liens owned\nby third parties shall be enforced in the manner provided by the\nadministrative code of such city.\n