The NYC Department of Finance is sending out property tax lien sale warning notices for the first time since 2021. This marks a new effort to protect vulnerable homeowners by informing them that overdue debts could be sold to collection agencies. A recent policy initiative, the Home Preservation and Debt Resolution Reform Act, aims to reform the city's tax enforcement system, which has historically harmed underserved communities. This effort emphasizes the need for fair treatment of homeowners while still ensuring the collection of necessary tax revenues to fund public services.
This month, the NYC Department of Finance will send out 90-day tax lien sale warning notices for overdue property taxes, marking a significant policy shift.
The partnership between the Adams administration and New York City Council introduces reforms aimed at protecting vulnerable homeowners from aggressive tax collection practices.
The Home Preservation and Debt Resolution Reform Act represents NYC's significant step toward reforming an outdated property tax enforcement system affecting marginalized homeowners.
The new system balances fiscal responsibility with compassion, allowing homeowners more time, affordable plans, and improved tenant protections through community collaboration.
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