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NY S05058

Bill

Official Source

Status

Introduced

2/22/2023

Primary Sponsor

Michelle Hinchey

Click for details

Origin

Senate

2023-2024 General Assembly

AI Summary

  • Amends Real Property Tax Law section 1112 to establish different lien redemption orders for farm property versus non-farm property
  • Non-farm property liens must be redeemed in reverse chronological order (most recent lien first)
  • Farm property liens must be redeemed in chronological order (earliest lien first)
  • Requires redemption receipts to include a statement notifying property owners that partial redemption does not stop enforcement of remaining liens and failure to pay entire amount may result in loss of property
  • Takes effect immediately and applies to all lien redemptions occurring after the effective date

Legislative Description

Requires multiple liens on farm property to be paid in chronological order, with the earliest lien being paid off first and the most recent being paid last.

Last Action

REPORTED AND COMMITTED TO FINANCE

1/29/2024

Committee Referrals

Finance1/29/2024
Local Government1/3/2024
Finance4/17/2023
Local Government2/22/2023

Full Bill Text

No bill text available