NY S03748

Former owners of residential or farm property are entitled to any surplus proceeds resulting from tax foreclosure sales by tax entities, defined as the amount remaining after auction, taxes, liens, and administrative fees are paid.

County treasurers or finance commissioners must hold surplus funds in trust for at least three years on behalf of entitled parties, as directed by the court through the enforcing officer.

Municipalities must notify property owners when their property generates a surplus at a tax foreclosure auction, including information on how to obtain the surplus and required steps for claiming it.

These provisions apply to all counties, cities, towns, and villages in New York State regardless of other existing law.

The act takes effect immediately upon passage.