Gov. Andrew Cuomo is reviewing a bill (S1864 and A4403) which amends the real property tax law to lower the tax redemption period for abandoned buildings from two years to one year for properties that have been certified as vacant and abandoned.
State and local municipalities are hoping to reduce the number of properties which are vacant and abandoned, as well as, the lessen the likelihood that demolition would be necessary.
We will be closely watching to see if this is signed by the Governor. From a servicer perspective, it will be more important than ever to monitor the taxes on the property and make sure that they are timely redeemed.
If you have any questions, please contact Deborah Gallo, Director of Operation, at [email protected]