NY A00786

Former owners of residential, farm, or commercial property are entitled to any surplus proceeds resulting from tax foreclosure sales, defined as amounts remaining after outstanding taxes, interest, liens, and administrative fees are paid.

Tax districts must post notice of public auctions on the property's front door at least 14 days prior to the auction.

Surplus proceeds must be deposited in trust with the county treasurer or commissioner of finance and retained for at least three years.

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

These provisions apply to all counties, cities, towns, and villages in New York State.