MAYOR GIULIANI SIGNS BILL THAT EXTENDS SALES
OF TAX LIENS FOR SEVEN MONTHS

-Remarks By Mayor Rudolph W. Giuliani At Public Hearing On Local Laws-

The next bill before me is Introductory Number 663, sponsored at my request by Council Member Berman. This legislation would extend the City's authority to sell tax liens for an additional seven (7) months.

Pursuant to Local Law 98 of 1997, the City of New York is authorized to conduct the sale of real estate tax liens. However, this authorization expired on December 31, 1999. This bill would retroactively authorize the sale of these tax liens from January 1st, 2000 until July 31st, 2000.

Since the enactment of Local Law 26 of 1996, which restructured New York City's antiquated procedures for selling its tax liens, and created the current Tax Lien Sales Program, the Department of Finance has conducted six sales. The program has raised approximately $1.1 billion and has resulted in a 36% reduction in the City's real property tax delinquency rate.

Clearly, this Tax Lien Sales Program is an effective tool for maximizing tax collections and compliance with the law, while restoring fairness and integrity to the property tax collection system. This program has been a major factor in contributing to the City's current fiscal strength. With the successful experience of the last six tax lien sales, my Administration is looking forward to working with the City Council to ensure the program's continued improvement, success and permanency.

For the reasons previously stated, I will now sign the bill.

 

www.ci.nyc.ny.us