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Showing posts from September, 2018

The Tax Liens Program in New York City

Giuliani's Tax Lien Program Continues Today During the Giuliani reign, the mayor created a tax lien program in which homeowners and landlords could easily lose their homes and apartment buildings. If a homeowner fell behind in his tax payments, the finance department would notify the homeowner and after waiting a short period of time, the finance department would sell the tax lien to a private corporation, a trust, created by the mayor that would charge additional fees and 18 percent interest and attempt to collect the long, overdue taxes. If unsuccessful, the trust would foreclose on the homeowner. The city would have one more homeless family or families. Loss of Low-Income Housing There is another consequence to foreclosure. Homes are often bought by developers and renovated into market rate housing. This means that such homes are no longer available to low-income families. Of course, it is isn't just homeowners who find they can no longer pay their property taxes but