Monetary lien The dollar amount NYC's Department of Finance attaches to a property's tax record for sidewalk repairs the city performed and billed to the owner.
The monetary lien reflects the actual cost of the city-hired contractor's work plus an administrative surcharge, and it's billed the same way as a property tax charge. Owners get 90 days from the bill date to pay before interest begins accruing on the balance, and an unpaid lien can eventually be sold as part of the city's tax lien sale process in some cases. Because this route is typically more expensive than hiring a private contractor within the original repair window, most owners are better served acting before DOT ever performs the work.
Frequently Asked Questions About Monetary lien
What is a monetary lien on a NYC property?
The dollar amount the Department of Finance attaches to a property's tax record for sidewalk repairs the City performed and billed to the owner.
What does the amount include?
The actual cost of the City-hired contractor's work plus an administrative surcharge.
How is it billed?
The same way as a property tax charge, with roughly 90 days to pay before interest begins accruing on the balance.
What happens if it stays unpaid?
Interest continues to accrue and, in some cases, the debt can be included in the City's tax lien sale process.
How can a monetary lien be avoided?
By completing the repair within the original 75-day window, before DOT ever performs the work.