§ 40-02 Sale of Tax Liens.
RCNY § 40-02
The Commissioner, on behalf of the City of New York, may sell tax liens, either individually, in combinations, or in the aggregate, pursuant to the procedures provided in Chapter 3 of Title 11 of the Administrative Code, and is authorized by law to establish the terms and conditions of a sale of a tax lien or tax liens. The Commissioner may, in his or her discretion, sell a tax lien or tax liens through a competitive sale or a negotiated sale, including the negotiated sale of tax liens to a trust or other entity created by the City or in which the City has an ownership or residual interest. The Commissioner shall sell such tax liens at a purchase price that, in the determination of the Commissioner, is in the best interests of the City. The amount of a tax lien that is sold shall be the unpaid amount of the lien as of the date of sale, including: any interest and penalties thereon, any taxes, assessments, sewer rents, sewer surcharges, water rents, any other charges that are made a lien subject to the provisions of Chapter 3 of Title 11 of the Administrative Code, the costs of any advertisements and notices given to effectuate the sale, any other charges that are due and payable, any surcharge imposed by law, and interest and penalties thereon, or such component of the amount thereof as shall be determined by the Commissioner, notwithstanding the amount paid for purchase of the tax lien or component of the amount thereof.
