Foreclosure & Property Tax Sales Continue To Plague NY

Blog September 6, 2018 By Admin

While the media has done a good job of giving the impression that the economy and housing market has been rebounding for years and is on good footing, foreclosure and tax auctions continue to plague many in New York. Many are still losing their homes.

NY Property Tax Auctions

Every year many New York properties head to the auction block and are sold off cheap due to past due property taxes. Some cases may be due to homeowners just being unable to keep up with fast rising taxes. Others are still likely the result of paperwork mix ups and overlooked property tax related fees.

Coming up are property tax sales for:

  • Greene County on September 12th
  • Madison County on September 15th
  • Dutchess County on October 17th
  • Orange County on October 24th

According to NYS Auctions there are multiple residential and commercial  properties being auctioned off for as little as $30,000.

This is all despite counties like Nassau giving big new tax breaks for $10M renovation projects and Suffolk County pushing to spend another $390M of taxpayer money on sewer expansion.

Foreclosure Property Sales

Delinquent property taxes are just one of the reasons New Yorkers can find their properties foreclosed on and ending up at auction for pennies on the dollar.

Many others are losing homes due to missed mortgage payments, mortgage and real estate fraud, paperwork mix ups, asset forfeiture, property condition, eminent domain, and more.

New York’s top 5 counties for foreclosure activity according to RealtyTrac are:

  1. Montgomery
  2. Allegany
  3. Orange
  4. Putnam
  5. Nassau

Foreclosure activity in these areas is still at levels we saw right in the wake of the crisis of 2008. 1 in every 398 units in Montgomery County was in some stage of foreclosure in July 2018. For the whole state, foreclosure auctions rose by just over 1% in July, and bank owned property levels rose 44.2% year over year.

In Nassau County, as many as 1 in every 318 housing units in Freeport is in foreclosure. Auctions rose 5.2% month over month in July, and pre-foreclosures soared by over 11%.

In Suffolk County, 1 in every 269 units in Bridgewaters is in foreclosure, and banks are now holding over 50% more foreclosure homes than last year.

Don’t Lose Your Home

Don’t be a victim and lose your home or business property due to incorrect and over-inflated property tax bills. Get the help of Property Tax Adjusters, Ltd. today, reduce your bills and save your property.