Bill > A06108

This bill amends the real property tax law to provide enhanced protections and rights for property owners in tax lien foreclosure situations. Specifically, the bill requires tax districts to post a notice on the front door of a property at least 14 days before a public auction, giving potential owners more advance warning about potential foreclosure. The bill also introduces a significant new provision allowing former property owners (of residential, farm, or commercial properties) to receive any surplus proceeds from a tax foreclosure auction after all outstanding taxes, liens, fees, and administrative costs have been paid. If a surplus exists, the enforcing officer must report it to the court, which will direct the surplus to be deposited with the county treasurer, where it will be held in trust for at least three years. Additionally, municipalities are now required to notify property owners if their foreclosed property generated a surplus, explaining how and what steps are needed to claim those funds. The bill defines "commercial property" as any non-residential property primarily used for buying, selling, or providing goods or services, and applies these provisions uniformly across all counties, cities, towns, and villages in the state.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6108