Senate Bill S3748

2019-2020 Legislative Session

Relates to surplus proceeds from tax lien foreclosures

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-S3748 (ACTIVE) - Details

Law Section:
Real Property Tax Law
Laws Affected:
Amd §1166, RPT L
Versions Introduced in 2017-2018 Legislative Session:
S8455

2019-S3748 (ACTIVE) - Summary

Provides for the return of surplus proceeds from tax lien foreclosures to a former owner.

2019-S3748 (ACTIVE) - Sponsor Memo

2019-S3748 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3748
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             February 13, 2019
                                ___________
 
 Introduced  by  Sen.  JACOBS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the real  property  tax  law,  in  relation  to  surplus
   proceeds from tax lien foreclosures
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1166 of the real property tax  law  is  amended  by
 adding a new subdivision 3 to read as follows:
   3.  (A)  A FORMER OWNER OF RESIDENTIAL OR FARM PROPERTY, AS DEFINED IN
 THIS ARTICLE, SHALL BE ENTITLED TO ANY  SURPLUS  PROCEEDS  WHICH  RESULT
 FROM THE SALE OF SUCH REAL PROPERTY ACQUIRED BY A TAX ENTITY THROUGH TAX
 FORECLOSURE  PROCEEDINGS.  THE TERM "SURPLUS" SHALL MEAN THE AMOUNT THAT
 IS LEFT AFTER THE PROPERTY HAS BEEN AUCTIONED AND ALL OUTSTANDING TAXES,
 ISSUES, PAYMENTS FOR COUNTY TAX   AND UTILITY LIENS  AND  ADMINISTRATIVE
 AND OTHER FEES HAVE BEEN PAID.
   (B)  IN  THE  EVENT  THAT  A  SALE AUTHORIZED UNDER THIS SECTION SHALL
 RESULT IN A SURPLUS AS TO ANY PIECE OR PARCEL OF LAND  OFFERED  AT  SUCH
 SALE, THE ENFORCING OFFICER SHALL REPORT THE FACT OF SUCH SURPLUS TO THE
 COURT  WHICH  SHALL DIRECT THE ENFORCING OFFICER TO DEPOSIT SUCH SURPLUS
 IN TRUST WITH  THE COUNTY TREASURER OR COMMISSIONER OF FINANCE  FOR  THE
 BENEFIT  OF  WHOMSOEVER MAY BE ENTITLED TO SUCH SURPLUS PURSUANT TO THIS
 SUBDIVISION.  SUCH SURPLUS SHALL BE RETAINED FOR A PERIOD  OF  AT  LEAST
 THREE YEARS.
   (C)  A  MUNICIPALITY  SHALL  NOTIFY  A PROPERTY OWNER WHEN THE OWNER'S
 PROPERTY NETTED A SURPLUS AT A TAX FORECLOSURE AUCTION THAT WAS HELD  ON
 OR  AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION. THE NOTIFICATION SHALL
 BE MADE AS DIRECTED BY THE COURT AND SHALL STATE THE POSSIBLE  EXISTENCE
 OF A SURPLUS, HOW TO OBTAIN THE SURPLUS AND THE STEPS THE HOMEOWNER MUST
 TAKE TO OBTAIN THE SURPLUS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05811-01-9

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