Number
161363
Version
Substitute 1
Reference
Sponsor
ALD. HAMILTON
Sections
304-39 rc
Title
A substitute ordinance relating to deferred foreclosure on tax liens.
Analysis
This ordinance amends the city’s policy on deferring foreclosures on tax liens by:
1. Limiting deferral to either a property owner who resides in the subject property or an absentee landlord owning not more than 4 properties in the city.
2. Requiring the property to be in compliance with all code requirements, or in the process of having code deficiencies corrected.
3. Requiring the property owner to pay all property taxes owed for the year of deferral and prior years.
4. Requiring the property owner to enter into a payment agreement, and be current with agreed upon payments for all other years.
5. Stipulating foreclosure shall commence immediately if the property owner defaults on payments under the payment agreement, or the property or owner becomes ineligible.
Body
Whereas, Current Milwaukee code s. 304-39 allows the city treasurer to defer tax foreclosure on one- and 2-family, owner-occupied residential properties; and
Whereas, The common council wishes to minimize the number of properties acquired by the city as a result of in rem tax foreclosure, in order to minimize expenses incurred to maintain, manage and sell properties acquired through tax foreclosure; and
Whereas, The common council wishes to encourage occupancy of residential properties, because occupied residential properties promote neighborhood stability; and
Whereas, The common council wishes to encourage small-scale, private ownership of residential properties where owners are diligently addressing code and tax issues, so residential properties remain code-compliant, occupied and on the tax roll; and
Whereas, The common council recognizes that a small-scale owner of occupied residential properties, who owns not more than 4 properties in the city, whose properties are code-compliant or who is workin...
Click here for full text