New York City lawmakers have introduced a bill reauthorizing the city’s ability to sell tax liens on property debt, as the city contends with a surge in delinquencies since the pandemic.
The legislation, heard Tuesday by the City Council’s Committee on Finance, provides new protections for vulnerable homeowners in response to criticism that the lien sales disproportionately targeted low-income residents before the program expired in 2022. The measure requires more outreach to owners ahead of a planned sale and provides more pathways for owners to settle mounting tax bills.
Overdue property taxes are expected to hit $800 million in ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.