Assembly Bill A4702

2023-2024 Legislative Session

Relates to real property tax lien transfers; repealer

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • 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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2023-A4702 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Rpld & add Art 9 Title 4 §§960 - 967, RPT L
Versions Introduced in Other Legislative Sessions:
2011-2012: A6302
2013-2014: A4037
2015-2016: A2686
2017-2018: A2120
2019-2020: A4499
2021-2022: A1810

2023-A4702 (ACTIVE) - Summary

Establishes provisions for real property tax lien transfers to assist homeowners facing foreclosure based on unpaid taxes; repeals existing provisions relating to acceptance of taxes from certain loan corporations.

2023-A4702 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4702
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2023
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 AN ACT to amend the real property tax  law,  in  relation  to  tax  lien
   transfers; and to repeal title 4 of article 9 of the real property tax
   law relating to acceptance of taxes from certain loan corporations

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Title 4 of article 9  of  the  real  property  tax  law  is
 REPEALED and a new title 4 is added to read as follows:
                                  TITLE 4
                     TAX LIEN TRANSFER AUTHORIZATIONS
 SECTION 960. LEGISLATIVE INTENT.
         961. DEFINITIONS.
         962. TAX LIEN TRANSFER.
         963. TAX LIEN TRANSFER AUTHORIZATION.
         964. TAX LIEN TRANSFER CERTIFICATE.
         965. PROPERTY TAX LIEN PAYMENT AGREEMENT.
         966. FORECLOSURE.
         967. REDEMPTION.
   §  960.  LEGISLATIVE  INTENT. THE LEGISLATURE FINDS THAT LOCAL GOVERN-
 MENTS ARE STRUGGLING UNDER THE WEIGHT OF INCREASED COSTS, REDUCED REVEN-
 UES AND INCREASED STRESSES ON THEIR RESPECTIVE  MUNICIPAL  BUDGETS.  THE
 LEGISLATURE  ALSO  FINDS  THAT  PROPERTY OWNERS ARE STRUGGLING UNDER THE
 WEIGHT OF HIGH PROPERTY TAXES AND NEED SOME ASSISTANCE IN  PAYING  THOSE
 TAXES IN ORDER TO PREVENT FORECLOSURE AND THE SALE OF THEIR PROPERTY TAX
 LIENS  TO  THIRD PARTIES INVOLUNTARILY. THE LEGISLATURE FINDS THAT IT IS
 IN THE BEST INTERESTS OF THE RESIDENTS OF THE STATE OF NEW YORK AND  THE
 LOCAL  GOVERNMENTS  TO  ALLOW  PROPERTY OWNERS TO VOLUNTARILY ENTER INTO
 AGREEMENTS WITH PRIVATE ENTITIES TO PROVIDE FOR  THE  PAYMENT  OF  THEIR
 PROPERTY  TAXES.  CURRENTLY,  PROPERTY  OWNERS ARE REQUIRED TO PAY THEIR
 TAXES IN FULL. ALLOWING PROPERTY OWNERS TO  INCREASE  THE  PAYMENT  TERM
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09480-01-3
              

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