Putnam Program Puts $2.7M of Assessed Real Estate Back on Tax Rolls

Putnam County's program to offset tax lien foreclosures has added $2.7M worth of assessed real estate back on the County’s tax roll, officials said.

The program was begun in January 2013 by Putnam County Executive MaryEllen Odell.

Known as “Chapter 31,” the program contracts with real estate brokers to sell County-owned properties resulting from delinquent property taxes.

“While the real estate market is making an incremental recovery in Putnam, we are still rehabilitating from the aftermath of the great recession and the inordinate number of tax lien foreclosures that ensued during that time,” said Odell in a press release. “We need to recoup those property taxes and diminish the number of “zombie” homes in Putnam, so we can improve our neighborhoods and property values. The Chapter 31 Program is Putnam County’s way of dealing with this problem now — We can’t wait indefinitely for Albany or the Federal Government to fix this.”

The Chapter 31 program is expected to continue to work towards recouping property tax losses. A recent sale in Philipstown by Briante Realty Group added another $496,650 to the County tax roll.

“It's been a great experience to see properties that were vacant for many years go into the hands of people who quickly bring them back to life,” said Angela Briante, principal and broker, Briante Realty Group. “It's been refreshing to see the revitalization and we look forward to continued success based on the healthy sales activity we are seeing this year compared to 2015.”

Prior to the program, County-owned properties were put up for auction and purchase prices were far below market value, and in some cases, did not recoup the tax revenue outstanding on the property. The Chapter 31 program has yielded greater return on tax lien foreclosures, which ensures replenishment of tax revenue and additional gains used to fund debt service and other community projects.

Chapter 31 of the Putnam County Code features an amendment that allows for outside brokers to facilitate the sale of County-owned properties. The present brokers under contract with the County are:

1) Keller Williams Realty Partners

2) Briante Realty Group

3) World Homes Realty

4) Guardian Realty Center

5) J. Philip Real Estate

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