I can not find out how the NYC laws work in regards to buying real estate tax liens (or tax certificates).
2006-12-08 10:30:28 · 2 answers · asked by Sonny M 1 in Business & Finance ➔ Renting & Real Estate
I'm from Long Island and they post tax lien auctions at the Treasurer's Office website. It is in January of every year. Tax liens work on a bidding system where the winner accepts the lowest interest rate for the certificate. If the property owner does not payback the taxes with interest within two years you can obtain a tax deed which entitles you to the property. It is highly unlikely but it does happen. Also, many banks attend to purchase the certificates of properties that they loaned against that are in foreclosure.
2006-12-08 10:37:32 · answer #1 · answered by tianaramal 4 · 0⤊ 0⤋
Tax lien income aren't estate income besides, you purchase debt, no longer estate. I haven't any notion why you might no longer purchase the debt, however NY has many distinguished estate legislation written to overcome down the common character and support the curb magnificence are living off of others.
2016-09-03 10:03:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋