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NYC News Tax Lien Sale

NYC News Tax Lien Sale

New York City News

Tax Lien Sale

The New York City Department of Finance has scheduled a sale of tax liens on November 17th, 2021.  The sale of tax liens to third party investors can add fees and interest charges (up to 18 percent) and can also force property owners into a possible foreclosure.

For this reason, NYS Attorney General, Letitia James, and seventeen (17) City Council Members have asked that the City delay the sale, citing possible foreclosures and resulting in homelessness, just at the time when Federal relief (in the approximate of $540mm) is about to be issued.  

Attorney General James also indicated that 90 day notices sent by the City did not provide a COVID-19 hardship declaration, designed to assist people experiencing difficulties paying past due and current taxes.

NOTE: NYC has adjourned the tax lien sale until December 17, 2021.
Excepted from the sale are properties owing water and/or sewer debt.

New York State Legislature

Transfer Tax and County Mortgage Tax News

  1. MADISON COUNTY:  The New York State Legislature is considering an authorization for Madison County to collect a transfer tax on the sale of properties.  Typical transfer tax exemptions apply, as well as an additional exemption for owner occupied properties where the consideration is less than $200,000.
  2. WASHINGTON COUNTY The New State Legislature has authorized Washington Count to impose a County Mortgage Recording Tax.
  3. CATTARAUGUS COUNTY The New York State Legislature has authorized Cattaraugus County to extend the repeal date of the Additional Mortgage Recording Tax.
  4. ESSEX COUNTY:  The New York State Legislature has authorized Essex County to extend the imposition of the Additional Mortgage Recording Tax until December 1st, 2024.

Submitted by:
John J. Hughes, Jr.,
The Great American Title Agency, Inc.

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