NY S05480

Expands homeowner bill of rights protections to include heirs, contract purchasers, and successors in interest for properties subject to tax liens, and requires homeowners receive surplus proceeds from foreclosure sales ahead of secured creditors

Mandates pre-foreclosure settlement conferences before any foreclosure action against primary resident homeowners, where they must be offered repayment plans of 12, 18, 24, or 36 months

Requires all tax lien foreclosures to be judicial proceedings and ensures homeowner payments toward delinquent taxes apply in reverse chronological order

Establishes a senior, disabled, and veteran homeowner real property tax assistance program through social services districts, with payments not counting as income for federal or state benefit purposes

Requires all local taxing jurisdictions beginning in 2026 to offer installment plans allowing taxpayers to pay property taxes on at least a quarterly basis