MAYOR GIULIANI SIGNS COUNCIL BILL NO. 1080-A, EXTENDING THE CITY'S AUTHORITY TO SELL TAX LIENS AN ADDITIONAL TWO YEARS
REMARKS BY MAYOR RUDOLPH W. GIULIANI AT PUBLIC HEARING ON LOCAL LAWS
The next bill before me is Introductory Number 1080-A, sponsored at my request by Council Member Berman. This legislation would extend the City's authority to sell tax liens for an additional two years. Pursuant to Local Law 26 of 1996, the City of New York was authorized to conduct the sale of real estate tax liens. This authorization is set to expire on December 31, 1997.
In addition to extending the City's tax lien sale authority, this bill would streamline notice requirements applicable to a negotiated sale of tax liens and would clarify Corporation Counsel's authority to represent the purchaser of a tax lien or the holder of tax lien certifications.
Since the enactment of Local Law 26, the Department of Finance has conducted two tax lien sales, collecting over $600 million for the City of New York. More importantly, the success of the tax lien sales can be measured by the City's lowest level of tax delinquency since 1989, resulting in a 50 percent reduction in the City's real property tax delinquency rate.
Clearly, the 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. With the successful experience of the last two tax lien sales, my Administration will continue to work with the City Council to ensure the programs continued improvement and success.
For the reasons previously stated, I will now sign the bill.
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