New York A03901 amends the real property tax law to establish a procedure for distributing surplus proceeds from tax foreclosure sales.

New York A03901 amends the real property tax law to add a new section on the distribution of surplus in tax enforcement proceedings. When a property owner loses title due to a delinquent tax lien foreclosure, the proceeds from the sale of the property are to be distributed according to the new law. If the sale proceeds are less than or equal to the total taxes, penalties, and administrative costs, the entire amount goes to the local government. If the proceeds exceed these costs, the surplus is paid to the prior owner if no other liens exist.

New York A03901 amends the real property tax law to establish a procedure for distributing surplus proceeds from tax foreclosure sales.

New York A03901 amends the real property tax law to add a new section on the distribution of surplus in tax enforcement proceedings. When a property owner loses title due to a delinquent tax lien foreclosure, the proceeds from the sale of the property are to be distributed according to the new law. If the sale proceeds are less than or equal to the total taxes, penalties, and administrative costs, the entire amount goes to the local government. If the proceeds exceed these costs, the surplus is paid to the prior owner if no other liens exist.