Albany, NY - February 13, 2017 - Senator John E. Brooks (SD-8), and member of the NY Local Government Committee, co-sponsored a bill that unanimously passed the Senate today which would reduce the tax redemption period for abandoned buildings from two years to one year.
Many properties on Long Island stay abandoned and vacant for years, accumulating unpaid taxes, increasing the costs of tax collection for the local or county government who take over foreclosure, all while the property is unattended to, deteriorating, and decreasing the property value of surrounding properties.
“We cannot have an abundance of vacant homes driving down the property value of our homes,” stated Senator Brooks.
“By cutting the tax redemption period in half, these ‘zombie’ properties will be turned over to new owners more quickly, preventing any further decline to that of the home and surrounding neighborhood,” Senator Brooks continued.
Link to bill: here