City foreclosing on 370 properties with “in rem” filings

Owners owe the city a combined $110.5M in taxes

TRD New York /
Sep.September 02, 2015 11:39 AM

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

 
 

Related Articles

arrow_forward_ios
(Getty)

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC
Donald Trump with 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco (Getty, Google Maps)

Trump took nearly $100M out of Vornado partnership in 2013

Trump took nearly $100M out of Vornado partnership in 2013
President Donald Trump (Getty; iStock; Trump Organization)

5 real estate takeaways from 20 years of Trump’s taxes

5 real estate takeaways from 20 years of Trump’s taxes
New York Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins (Getty)

New York lawmakers push for new millionaires’ tax

New York lawmakers push for new millionaires’ tax
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
Joe Biden (Getty)

Biden’s $775B “caring economy” plan to be funded by RE taxes

Biden’s $775B “caring economy” plan to be funded by RE taxes
Photo illustration of Governor Andrew Cuomo (Credit: Cuomo by Stefani Reynolds/Getty Images; iStock)

Escaping New York? Tax man is right behind you

Escaping New York? Tax man is right behind you
New York City Comptroller Scott Stringer (Credit: Andrew Burton/Getty Images, iStock)

Coronavirus will cost city billions in tax revenue: comptroller

Coronavirus will cost city billions in tax revenue: comptroller
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...