Section 1195 - Definitions In addition to the definitions set forth in section eleven hundred two of this article, for purposes of this title:
1. "Former homeowner" means a person or persons who lost title to and/or ownership of residential property due to a tax foreclosure.2. "Public sale" means a sale resulting from a public auction conducted in accordance with the provisions of section two hundred thirty-one of the real property actions and proceedings law.3. "Surplus" means the net gain, if any, realized by the tax district upon the sale of tax-foreclosed property, as determined in the manner set forth in section eleven hundred ninety-six of this title. Where no such gain was realized, no surplus shall be attributable to that sale.4. "Tax-foreclosed property" means a parcel as to which a judgment of foreclosure has been issued pursuant to section eleven hundred thirty-six of this article.N.Y. Real Prop. Tax. Law § 1195
Added by New York Laws 2024, ch. 55,Sec. BB-15, eff. 4/20/2024, op. 5/25/2023. See New York Laws 2024, ch. 55, Sec. BB-19.