Contact: | Sunny Mindel / Michael Anton (212) 788-2958 |
-Remarks By Mayor Rudolph W. Giuliani At Public Hearing On
Local Laws-
The next bill before me is Introductory Number 785, sponsored at my request by Council Member Berman. This legislation would amend the Administrative Code of the City of New York by extending the City's authority to sell tax liens for an additional three months.
Pursuant to Local Law 3 of 2000, the City of New York is authorized to conduct the sale of real estate tax liens. However, this authorization expired on July 31st, 2000. This bill would retroactively authorize the sale of these tax liens from August 1st, 2000 until October 31st, 2000.
Since the enactment of Local Law 26 of 1996, which created the current Tax Lien Sales Program, the Department of Finance has conducted several sales raising more than $1.1 billion, and resulting 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. As a result, 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.
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