Removes provisions of law where a tax district has sold or conveyed a tax-foreclosed property to a land bank, a housing development agency or another.

The bill removes provisions of law where a tax district has sold or conveyed a tax-foreclosed property to a land bank, a housing development agency or another public entity and the sale or conveyance was not the result of a public sale. The bill amends section 1196 of the real property tax law to ensure no surplus is payable if certain conditions are met, including the property being offered for sale at two separate public auctions and no qualifying bids being received.

Removes provisions of law where a tax district has sold or conveyed a tax-foreclosed property to a land bank, a housing development agency or another.

The bill removes provisions of law where a tax district has sold or conveyed a tax-foreclosed property to a land bank, a housing development agency or another public entity and the sale or conveyance was not the result of a public sale. The bill amends section 1196 of the real property tax law to ensure no surplus is payable if certain conditions are met, including the property being offered for sale at two separate public auctions and no qualifying bids being received.