Incorporating NY Land Banks into the Delinquent Property Tax Enforcement Processes

New York Zoning Law and Practice Report, Vol. 15, No. 5, 2015

12 Pages Posted: 7 Mar 2015 Last revised: 28 Apr 2015

Date Written: March 27, 2015

Abstract

This article argues that New York municipalities should integrate land banks into the tax enforcement process to break the unhealthy cycle perpetuated by real estate and lien speculators. By transferring all tax liens and foreclosed properties to local land banks, municipalities can generate an important funding source that will help cover land banks' operations while simultaneously maximizing land banks' ability to reinvest lien proceeds and equity into redeveloping or demolishing properties with little or no value. If New York municipalities use their Land Bank Act powers fully, local and regional land bank efforts can become a vital tools for planning and implementing community revitalization programs.

Keywords: Land Banks, Vacant Properties, Community Revitalization, Municipal Planning, Tax Foreclosure

JEL Classification: H11, H70, H71, H72, H77, H79, K11, O18, O20, P40, P41, P43, R14, R50, R51, R52, R59

Suggested Citation

Woods, J Justin, Incorporating NY Land Banks into the Delinquent Property Tax Enforcement Processes (March 27, 2015). New York Zoning Law and Practice Report, Vol. 15, No. 5, 2015. Available at SSRN: https://ssrn.com/abstract=2574077

J Justin Woods (Contact Author)

Pace University ( email )

78 North Broadway
White Plains, NY 10603
United States
(518) 586-0109 (Phone)
(914) 422-4011 (Fax)

HOME PAGE: http://www.law.pace.edu/land-use-law-center-staff

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