Notice to Tax Lien Purchasers
The following amendments to the Nassau County Administrative Code have taken effect with the February 2016 tax sale.
- Effective with the February, 2016 lien sale Ordinance No. 175-2015 requires a $175.00 per day registration fee for each person who intends to bid at the tax lien sale.
- Sec. 5-39.0(b) "For tax liens purchased in 2001 and later; thereafter, the rate of interest payable by the property owner…shall be the maximum rate as set forth in section 5.40.0." That section states that the maximum interest & penalties which a tax lien may carry is 10% of the purchase price for each 6-month period starting with the date of tax sale through the end of the 24th month.
The portion of the 10% interest for each lien sold that is owed to Nassau County will be called the "Differential Lien." The "Differential Lien" will be included in all redemption payments.
The "Differential Lien" must be paid separately to Nassau County 1) by the Tax Sale Buyer as part of his tax deed application or 2) by the property owners when a Tax Sale Buyer surrenders his lien for cancellation.
Purchase of Lien:
The lien you have purchased must be fully paid for within thirty days of the date of the lien sale. You will be notified by the County Treasurer’s Office via email within 10 days of the due date. Failure to pay the ninety percent when due will result in automatic loss of the lien plus your total down payment, which consists of the required ten percent down payment (rounded up to the nearest dollar) together with any additional sum provided with that required down payment. Requests for extensions of time to pay the ninety- percent balance will not be considered. Ordinance No. 175-2015 requires that upon payment of the ninety percent balance lien there is due a Tax Certificate Issue Fee of $20.00 per lien purchased. Failure to pay the Tax Certificate Issue Fee will also result in the automatic loss of the lien plus your total down payment.
All liens purchased at the 2024 sale may be redeemed by the property owner or interested party at any time prior to either the Treasurer’s issuance of a tax deed or the commencement of a foreclosure action in court. Neither of these events can occur before February 21st, 2026 at the earliest. All redemption payments will be charged the total interest rate due at the time of payment. The County Treasurer will pay you the appropriate interest for your lien paid by the property owner or interested party. The interest collected will be in accordance with the provisions of the Nassau County Administrative Code which call for the same rate as bid at sale for the first twenty-four month period calculated at six-month intervals beginning February 21st, 2024. In cases of one-year hardship extensions, interest on the lien for the 25th month through the 36th month will be at five percent per six-month period of time.
Notice to Redeem:
When serving Notices to Redeem, the Office of the County Treasurer will insist on strict compliance with all applicable sections of the Nassau County Administrative Code. Copies of the Code and the recent amendments thereto, are available at the Office of the Clerk of the County Legislature, located on the first floor of the County Executive Building, One West Street, Mineola, New York.
David Y. Chiang