2006 New York Code - Real Property Taxes Due And Payable.

 
    §  1519-a.  Real  property  taxes  due  and payable. The commissioner,
  immediately after receiving the assessment rolls, shall give notice  for
  at  least  five  days  in  the City Record that the assessment rolls are
  final and that all taxes shall be due and payable as follows:
    1. The provisions of this section shall apply to  any  installment  of
  tax  that  becomes  due and payable on or after July first, two thousand
  five.
    2. Real property with an assessed value of eighty thousand dollars  or
  less.
    (a)  Quarterly  installments.  All property taxes shall be due in four
  equal installments.
    (b) Due date of installments. The first installment shall  be  due  on
  July  first,  the  second installment shall be due on October first, the
  third  installment  shall  be  due  on  January  first  and  the  fourth
  installment shall be due on April first.
    (c)  Discount  for early payment. A discount, at a percentage provided
  for in subdivision seven of this section, shall  be  allowed  for  early
  payment  of  an  installment  in  accordance  with  this subdivision, as
  follows:
    (i) if all the installments due for a fiscal year are paid in full  on
  or  before  July  fifteenth,  a  discount  shall  be  allowed  for  such
  installments.
    (ii) if the installments due on October first, January first and April
  first are paid in full on or before October fifteenth, a discount  shall
  be allowed for such installments.
    (iii)  if  the  installments  due on January first and April first are
  paid in full on or before January fifteenth, a discount shall be allowed
  for such installments.
    3. Real property with  an  assessed  value  of  over  eighty  thousand
  dollars.
    (a)  Semi-annual  installments. All property taxes shall be due in two
  equal installments.
    (b) Due date of installments. The first installment shall  be  due  on
  July first and the second installment shall be due on January first.
    (c)  Discount  for early payment. A discount, at a percentage provided
  for in subdivision seven of this section, shall  be  allowed  for  early
  payment  of  installments  if all the installments due for a fiscal year
  are paid in full on or before July first.
    4. Cooperative property. For purposes of this section,  property  held
  in  the  cooperative  form  of  ownership shall not be deemed to have an
  assessed value  of  over  eighty  thousand  dollars  if  the  property's
  assessed  value  divided  by the number of residential dwelling units is
  eighty thousand dollars or less per unit.
    5. For purposes of this section, a property's assessed value shall  be
  based  on  the  assessed value listed on the final assessment roll on or
  around May twenty-fifth.
    6. All taxes shall be and become liens on the  property  on  the  date
  such taxes become due and payable, and shall remain liens until paid.
    7. Calculation of discount for early payment.
    (a)  Calculation  of  discount. Where a discount is allowed under this
  section, the discount shall be a percentage of the installments paid.
    (b)  Determination  of  discount  percentage.  Not  later   than   the
  twenty-fifth  day of May in each year, the banking commission shall send
  a  written  recommendation  to  the  council  of  a  proposed   discount
  percentage for the ensuing fiscal year.
    (c)  The  council  may adopt a discount percentage on the fifth day of
  June preceding such ensuing fiscal year, or at any time thereafter.


    (d) If the council does not adopt a discount percentage prior  to  the
  date that the statement of account or other similar bill or statement is
  prepared,  a  discount  percentage  of one and one-half percent shall be
  used to determine the discount provided where a discount is allowed  for
  payments  made  on  or before the last day that the installment due July
  first could be paid without interest, and this percentage shall continue
  to apply until the council adopts  a  discount  percentage  pursuant  to
  paragraph (c) of this subdivision.
    (e) Application of discount percentages.
    (i)  For  properties  the  taxes  for  which  are  due in quarterly or
  semi-annual installments, the discount percentage applied  for  payments
  made on or before the last day that the installment due July first could
  be  paid without interest, as set forth in subparagraph (i) of paragraph
  (c) of subdivision two of this section or paragraph (c)  of  subdivision
  three  of  this section, shall be the percentage established pursuant to
  paragraph (c) of this subdivision or, where applicable, paragraph (d) of
  this subdivision.
    (ii)  For  properties  the  taxes  for  which  are  due  in  quarterly
  installments,  the  discount  percentage applied for payments made on or
  before October fifteenth, as set forth in subparagraph (ii) of paragraph
  (c) of subdivision two of this  section,  shall  be  two-thirds  of  the
  discount percentage described in subparagraph (i) of this paragraph.
    (iii)  For  properties  the  taxes  for  which  are  due  in quarterly
  installments, the discount percentage applied for payments  made  on  or
  before  January  fifteenth,  as  set  forth  in  subparagraph  (iii)  of
  paragraph (c) of subdivision two of this section, shall be one-third  of
  the discount percentage described in subparagraph (i) of this paragraph.
    (f)  A  discount  shall be allowed only if all prior installments have
  been paid or are paid at the same time  as  the  payments  for  which  a
  discount would apply.
    (g)(i)  The  commissioner  may provide a discount, at a percentage not
  more than two times the  discount  percentage  established  pursuant  to
  paragraph  (c)  or  (d)  of this subdivision, to taxpayers who pay their
  real property taxes by  electronic  funds  transfer.  This  subparagraph
  shall  apply  only to taxpayers who are not required by law to pay their
  real property taxes by electronic funds transfer. The commissioner shall
  establish such discount percentage by rule and may promulgate such other
  rules as may be necessary to implement this subparagraph.
    (ii) The commissioner may provide a discount, at a percentage not more
  than two times the discount percentage established pursuant to paragraph
  (c) or (d) of this subdivision, to taxpayers whose annual real  property
  tax  liability  exceeds  one  million  dollars  and  who  pay their real
  property taxes before the date such taxes become due and payable,  where
  the  commissioner  determines  by  rule  that  it  would  be in the best
  interests of the city to provide an incentive  for  such  payment  by  a
  specified  date and at a specified discount percentage. The commissioner
  may promulgate such other rules as may be necessary  to  implement  this
  subparagraph.
    8.  As  used  in this section, "taxes" shall include special franchise
  taxes in the case of utility companies.
    9. If property is acquired by the city in a  condemnation  proceeding,
  on the date that title vests in the city, any tax due prior to the title
  vesting  date,  and interest, shall be due and payable, and shall become
  an equitable lien with first priority against any condemnation award.