City foreclosing on 370 properties with “in rem” filings

Owners owe the city a combined $110.5M in taxes
September 02, 2015 11:39AM

The city is in the process of foreclosing on 370 properties in four boroughs due to their owners’ failure to keep up with tax payments.

The new details, from the city’s Department of Finance, shed light on the wave of “in rem” actions filed by the department last month. The owners of the 370 properties owe the city a combined $110.5 million in unpaid tax bills.

It breaks down like this: Manhattan is home to 82 of the properties, whose owners owe $27 million; 162 properties, owing $36.7 million, are in Brooklyn; the Bronx has 116 properties owing $39 million; and Queens has just 10, owing $7.5 million total, the New York Post reported.

The “in rem” filings, actions taken against property rather than people, challenge tax classes 1 and 2. They give owners various deadlines this fall by which to either pay their tax bills or sign installment agreements. The move targets single-family homes, rental buildings, co-ops and condos. [NYP]Ariel Stulberg