Currently, local governments are able to negotiate with citizens who due to worsening economic conditions have been unable to pay their taxes on time to pay them over time on an installment plan. This bill, sponsored by Senator Thomas P. Morahan (R-Nanuet) would permit local governments, at their option, to increase the installment payment plan for the currently 24 months to an period of 36 months until December 31, 2011 in order to help New Yorkers avoid foreclosure.
“Enabling New Yorkers to save their homes from foreclosure is critical to the economic stability of our communities,” Senator Andrea Stewart-Cousins (D-Westchester), Chair of the Local Governments committee said. “Allowing local governments to give homeowners more time to catch up on delinquent tax payments will prevent uprooting families and lowering neighboring property values.”
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