Senator Bill Larkin (R-C, Cornwall-on-Hudson) today announced that legislation (S.854) he sponsored to give local governments the option to collect delinquent tax liens on property by selling those liens to private entities has passed the Senate.
"Current law already allows municipalities to sell delinquent tax liens in bulk to the state sponsored Municipal Bond Bank Agency," explained Senator Larkin. "This bill would merely expand the number of organizations that can purchase and then collect those liens. Many municipalities are owed millions of dollars annually in unpaid property taxes. Having this option will help our cities, towns, and villages by giving them a new way to recuperate some of those lost taxes once a property has been foreclosed."
The bill now goes to the Assembly.