NY S08512

Changes the interest rate on delinquent property taxes from a variable monthly rate to a fixed 16% per annum, or such rate as prescribed by banking law section 14-a.

Establishes a "Homeowner Bill of Rights" for residential property owners and purchasers facing tax lien foreclosure, including rights to judicial proceedings for each parcel, mandatory settlement conferences, affordable repayment plans, and protection against foreclosure for owners with age, disability, or veteran status exemptions.

Requires pre-foreclosure notices to be sent to homeowners at least 90 days before foreclosure action, containing information about tax arrears, redemption dates, available exemptions, and contact information for housing counseling agencies and taxpayer advocates.

Creates a senior citizen delinquent tax deferral program allowing homeowners age 70+ with income at or below 200% of federal poverty level to defer delinquent taxes if the deferral does not exceed 80% of home equity.

Establishes a repayment plan option allowing residential property owners with tax delinquencies exceeding $500 to enter into plans with terms of at least 18 months, with no penalties or accruing interest during the repayment period.

Requires tax districts to provide "just compensation" proceedings for former homeowners divested of title through foreclosure, with an appraisal-based calculation and up to three years to accept offers or request court hearings.