Bill > A08793

This bill authorizes the village of Bloomingburg to sell or use delinquent tax liens as loan collateral under specific conditions. The bill provides two primary mechanisms: first, the village can sell delinquent tax liens to a private party at a price that may differ from the original lien amount, with mandatory 30-day advance notice to property owners. The tax lien purchaser must provide the village with a list of liens intended for foreclosure, and the village retains the option to repurchase those liens before foreclosure. Second, the village can pledge tax liens as loan collateral or engage a third party to collect these liens, with the collection fee limited to 10% of the outstanding lien balance, which will be paid by the delinquent taxpayer. The bill ensures that the sale or pledging of tax liens does not alter the standard redemption period or interest rates, and allows the tax lien purchaser to foreclose on liens after the legal redemption period, including reasonable collection and legal costs. The provisions are specifically tailored to Bloomingburg and will take effect immediately upon passage.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8793