BILL NUMBER:S5845

TITLE OF BILL:

An act to amend the real property tax law, in relation to the
redemption of real property subject to a delinquent tax lien

PURPOSE OR GENERAL IDEA OF BILL:

Amends the real property tax law to lower the tax redemption period
for abandoned buildings from two years to one year for properties that
have been certified as abandoned by a building department official
pursuant to Real Property Actions and Proceedings Law § 1971.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 - Amends Section 1120 of the real property tax law to add a
new subdivision 2 to provide that the redemption period for abandoned
properties shall expire one year after the lien date

Section 2 - Effective date.

JUSTIFICATION:

Many properties sit abandoned in communities for years accumulating
unpaid taxes and driving increased tax collection costs for the tax
              

foreclosing entity whether it is at the local or county level. The
abandoned properties, which are often blighted and unattended to,
become blight to the community. These abandoned and blighted
properties often diminish adjacent and neighborhood property value as
well as tax revenue. These properties also have a tendency to attract
increased criminal and drug activity which further causes
deterioration in the neighborhood.

This bill will reduce the tax redemption period for properties
certified as abandoned from the local building department official
pursuant to Real Property Actions and Proceedings Law § 1971 from two
years to one year. This will ultimately benefit the property itself as
it will prevent further deterioration in many cases as the property is
abandoned. It will also provide a benefit to the adjoining and
neighboring property owners as potential decay and reduction of
property values of the neighborhood will be averted.  Local
governments and tax foreclosing entities may also benefit as a result
of lowering costs associated with maintaining vacant properties that
are in violation of state building code violations and will in fact
reduce outstanding tax delinquencies.

PRIOR LEGISLATIVE HISTORY:

New Bill.

FISCAL IMPLICATIONS:

None to the state.

EFFECTIVE DATE:


Immediately.