Putnam Sells Off Foreclosed Properties, Gets Dozens Back on Tax Rolls

CARMEL, N.Y. – In an effort to return foreclosed properties to productive use, Putnam County has auctioned off a substantial portion of its foreclosed property inventory, bringing in over $1.7 million and putting $6.2 million in assessment back on the tax rolls.

The sale included properties that had gone into foreclosure over the past decade, with a total of 160 properties put up for auction in July.

The auction resulted in the approval of 144 property sales by the County Legislature, with an average sale price of $10,751. As of today, 114 properties have been successfully closed by the winning bidders, who had until Friday August 23 to finalize their purchases. The remaining properties will continue to be held by Putnam County, along with 16 properties that did not sell at auction.

“This auction is a critical step in our ongoing efforts to reduce the tax burden on our residents and ensure these properties once again contribute to our local economy,” said Putnam County Executive Kevin Byrne. “By reintroducing these properties to the tax rolls, we’re not only generating immediate revenue for the county but also helping to stabilize and strengthen our communities for the long term.”

The Putnam County Department of Finance has been working diligently to finalize the deeds for the closed properties before the 2024/25 school tax bills are issued on September 1.

“Our team has been working hard to ensure a smooth and efficient process for transferring ownership of these properties,” said Putnam County Finance Commissioner Mike Lewis. “Our goal is to have all deeds completed before the school tax bills are issued, so the new owners are responsible for these taxes, which will ultimately benefit all taxpayers in the county.”

The auction is part of a broader initiative by Putnam County to manage its assets more effectively and to return non-productive properties to the tax rolls, where they can generate revenue and support the County.

“This successful auction highlights the importance of effective asset management,” said Putnam County Legislator Joseph Castellano, Chair of the Audit Committee. “We’re pleased with the outcome and look forward to continuing our work to strengthen Putnam County’s financial health.”

The County will continue to explore opportunities to sell the remaining unsold properties, ensuring that they too can contribute to the local economy.

Article courtesy of Putnam County Executive’s Office