North Queens, NY · Member since 2012 · 8 posts · 1 vote
What do I do now? While I've lived here almost 30 years, paid off house and made all capital repairs, other owners not inclined to up any of the City taxes, since it was paid off! Now it is 8 years worth, I did not pay and if it is auctioned, what are chances of having home sold at hi amount? Are these things fixed among insiders? My kids think they just take home in exchange for 30G tax bill, but it isn't that way, right? "in dire-straits and can't think to well"
Sometimes in small markets, insiders can negotiate to fix the price, but I do not see that happening in New York, but I can not say for sure. I would expect it would sell for 70% of market value, and that the overbid would be split among the owners of record according to NY law, not sure of the details on NY law. You can pay the taxes and then do a partition sale, not sure how that would work out for you, as I do not know all the details. As I understand it from your post, you and your family occupy the property, but there is a part owner of the property that does not live there, correct? If this correct, then it would seem to me that the equitable thing for you to do, since you have been gaining the benefit of living there, is to pay the taxes, and that no reasonable person would have expected the non occupant owners to pay the taxes. Of course I could be misunderstanding your situation.
A mistake was made in not paying those taxes. Do the other owners live there? If not, they probably believe it should be on you to pay them as you live there.
Can you elaborate on what you mean by "My kids think they just take home in exchange for 30g tax bill?"
You need to try to arrange for a mortgage or if you have the money pay it off and consider putting a lien on the property for the shares of everyone else.
I have be sole resident for almost 30 years, other two are mom and my ex-hub.
My resentment is that I am on title for 25%, mom for 50%, ex for 25% and I have been sole payee all these years, without alimony and only with verbal promise from mom that the 50% would be mine; after my last bad marriage, she took promise back and decided 50% not mine.
Thanks for other replies, because 70% of home value is better than nothing, even if I only get 25% and maybe Capital Expenses.
Read this Washington Post Article about homeowners who lost their homes because taxes weren't paid: http://www.washingtonpost.com/sf/investigative/2013/09/08/left-with-nothing/?hpid=z2. An extreme example, but food for though.