Vienna, VA – June 2, 2014 – MTAG Services has been selected by the City of New York to service approximately $69 million in delinquent property tax liens for the New York City Tax Lien (NYCTL) 2014-A Trust. As co-servicer for the transaction, MTAG Services will service liens on properties located across all five boroughs of New York City.
MTAG Services has been a servicer for the New York City Securitization since 2008. New York City is a leader in the active management of its delinquent tax lien portfolio, having conducted tax lien sales since 1996. The City sells its delinquent liens to a trust and the servicer is responsible for collecting the delinquent taxes. This initiative allows the properties to return to the City’s active tax rolls and has helped New York City avoid imposing higher tax increases on residents who pay their taxes on a timely basis.