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Supreme Court decision leaves land banks in Finger Lakes with potential funding gap

  • / Updated:
  • Staff Report 

The Wayne County Board of Supervisors is expected to cease the transfer of profits from annual tax-foreclosure auctions to the Land Bank, a decision set to be formalized at its June 20 meeting.


The Finger Lakes Times reports the move comes in response to a U.S. Supreme Court ruling, which determined that counties can retain money only for unpaid back taxes. Excess funds must be returned to previous property owners.

The change could significantly impact the Land Bank, which relies on these funds to manage derelict properties in the area.

In the past three years, profits from these auctions amounted to nearly $2.6 million, according to the Times.