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NY A09353
Bill
Status
12/19/2025
Primary Sponsor
William Magnarelli
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AI Summary
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Removes the exemption that allowed tax districts to avoid paying surplus funds to former property owners when tax-foreclosed property was sold or conveyed to land banks, housing development agencies, or other public entities
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Eliminates the provision that required properties to fail at two public auctions (conducted at least three months apart with minimum bids set at taxes owed) before a tax district could avoid paying surplus
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Requires enforcing officers to calculate surplus for all tax-foreclosed property sales, including non-public sales to public entities, based on either the tax roll value, a licensed appraiser's valuation, or another reasonable valuation method
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Ensures former property owners can receive surplus funds (the difference between property value and taxes owed) regardless of whether the property was sold at public auction or transferred to a public entity for public use
Legislative Description
Removes provisions of law where a tax district has sold or conveyed a tax-foreclosed property to a land bank, a housing development agency or another public entity and the sale or conveyance was not the result or a public sale.
Last Action
referred to real property taxation
1/7/2026