Cortlandt Town Board Rejects Bids on In-Rem Properties
The Cortlandt Town Board last week rejected bids placed on five in-rem properties at an auction last month and will hold another sale in November.
Supervisor Linda Puglisi explained the bids were not accepted because they didn’t cover the amount of the back taxes owed or the value of the properties.
Of the 26 properties available at the July 15 auction at Town Hall, 10 received offers totaling $240,000. Over the next month, five property owners caught up on their taxes, leaving just five for the Town Board to take action on last week. Bidders are required to put down 10% on what they bid and have 60 days from the sale to pay the remaining balance.
Since January 2013, outstanding taxes in Cortlandt have been reduced from $2.6 million to $1.4 million. Of the 16 properties in Cortlandt, about two percent have fallen behind on property taxes over the last six years.
“The process we have been going through has been a very beneficial one for the town residents and property taxpayers here in town,” said Councilman Seth Freach.
Westchester is one of only two counties in New York State where municipalities are mandated to collect all taxes and guarantee tax payments to school districts and county government.
Puglisi noted Cortlandt has $14 million in fund balance and reserve accounts, three times what the town had set aside for a rainy day when she was first elected supervisor 23 years ago.
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