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NYCTL Tax Lien Victims


NYCTL Tax Lien Victims
Seeking historical legislation information.
Under the Guliani administration (1990s) NYC had one of the most onerous real estate tax collection codes implemented.
Im looking for information and legislative notes on the creation and language used to justify this Code.
Im looking for flaws or unconstitutionality.
The Code states clearly .
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the tax remains until paid.
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, which circumvents the Statute of Limitations.
The Statute of Limitations was devised as a method for the public to protect themselves from long term unpaid debt as well as a motivator for banks & collections agencies to execute actions against unpaid debt in a timely manner.
The Statute of Limitations, when implemented correctly, is waived in horrendous situations involving rape and murder.
Not paying a tax bill should not be afforded the same protection.
Huge financial institutions have stepped in and exploited the code to their advantage.
5% Penalty plus 18% Interest is the common return on investment.
Why would anyone withdraw an 18% CD at this time?Why would you encourage your debtor to redeem their property?Just sit on the Certificate until it exceeds the value of the property and then foreclose.
Additionally, no consideration is given to the possibility of a hardship suffered by the property owner causing the delinquency in the first place.
Courts are reluctant to hear these cases, and the few that make it to Court rely on the Code to make their determination, .
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always in favor of the large private financial institutions.
The law is on their side.
Many New Yorkers and family inheritors have lost their property because of this law or paid enormous penalties and interest to retain ownership.
The good news is, as far as I know, the current administration has halted this practice and are seeking an alternative method to collect delinquent real estate taxes.
If you have any insight that may be helpful, please reply.


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• Post ID: 22302384


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