NY A07494

Allows property owners to voluntarily authorize transfer of their property tax liens to private "property tax payors" who pay the taxes on their behalf, enabling extended repayment terms instead of requiring full immediate payment

Establishes detailed requirements for tax lien transfer authorizations (sworn affidavits from property owners) and tax lien transfer certificates issued by taxing jurisdictions, which must be recorded with the county clerk

Caps fees that property tax payors can charge: $250 application fee, $400 title charges, $1,000 attorney's fees, $500 closing costs, and maximum 1.5% monthly interest on amounts owed

Prohibits foreclosure on transferred tax liens for one year after recording unless the contract provides otherwise, and requires foreclosure to follow mortgage foreclosure procedures under the Real Property Actions and Proceedings Law

Grants property owners and first mortgage holders a 180-day redemption period after a foreclosure sale to reclaim the property by paying 120% of the purchase price plus documented upkeep costs