NY A05656

Requires tax districts to sell foreclosed properties at public auction with mandatory newspaper publication notice for 3-4 weeks prior to sale, including property description and sale time/place

Eliminates the previous provision allowing tax districts to sell foreclosed properties "with or without advertising for bids" and removes the requirement for governing body approval of sales

Establishes procedures for surplus funds distribution, requiring the officer conducting the sale to pay surplus moneys into court within 5 days and file a disposition report within 30 days

Creates a claims process allowing any person to file for surplus moneys before confirmation of the sale report, with the court required to determine priority of liens and order distribution within 3 months

Authorizes tax districts to keep foreclosed properties for their own use, but requires commencement of eminent domain valuation proceedings and payment of just compensation representing the difference between the property's fair market value and the tax debt owed