New York Bill Focuses on Abandoned Property Redemption
Legislation Update
March 1, 2019
Source: The New York State Senate (S.1864 information/text)
Additional Resource:
Times Union (N.Y. state bill would shorten timeline on zombie properties)
S1864 (ACTIVE) – SPONSOR MEMO
BILL NUMBER: S1864
SPONSOR: GAUGHRAN
PURPOSE OR GENERAL IDEA OF BILL:
Amends the real property tax law to lower the tax redemption period for abandoned buildings from two years to one year for properties that have been certified as vacant and abandoned.
SUMMARY OF SPECIFIC PROVISIONS:
Section one amends Section 1110 of the real property tax law to add a new subdivision 2 to provide that the redemption period for vacant and abandoned properties to one year provide that the property has been placed on a vacant and abandoned property roll, registry, or list prior to the date on which the taxes become delinquent.
Section two provides for an expedited foreclosure process for vacant and abandoned residential real property.
Section three allows for separate list for vacant and abandoned property.