NY S00612

Authorizes cities and villages to sell delinquent tax liens to private parties until December 31, 2016, for liens attached to real property before January 31, 2017, subject to city or village council approval by local law.

Requires a public hearing with at least 45 days' notice before any tax lien sale, and property owners must receive at least 30 days advance notice in the same manner as prescribed by real property tax law.

Allows tax lien purchasers to foreclose on liens following the redemption period, but they must notify property owners 30 days before foreclosure and offer payment plans of 24 to 48 months; cities and villages have the right to repurchase liens before foreclosure at the lien amount plus accrued interest and collection fees.

Tax lien purchasers may charge only interest at the same rate accruing on the tax lien certificate and reasonable collection and legal fees; no other fees or charges are permitted.

Requires municipalities to file annual reports with the State Comptroller detailing total revenue collected, number of foreclosures, payment plans entered, and complaints; the State Comptroller must submit a consolidated annual report to the Governor and legislative leaders by July 1st each year.