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

 
    §  1519.  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 have
  been delivered to the commissioner and that all taxes shall be  due  and
  payable at the commissioner's office as follows:
    1. a. With respect to all properties which are:
    (1) real property with an assessed valuation of forty thousand dollars
  or  less  on  such  assessment  roll,  except  such  property  held in a
  cooperative form of ownership;
    (2) real property held in a cooperative form  of  ownership,  provided
  that  the  assessed  valuation  on such assessment roll of such property
  divided by the number of dwelling units contained in such property shall
  equal forty thousand dollars or less;
    (3) for the fiscal year commencing on the first day of July,  nineteen
  hundred ninety-eight, and for each fiscal year thereafter, real property
  (i)  with  an  assessed  valuation of eighty thousand dollars or less on
  such assessment roll, except such property held in a cooperative form of
  ownership, and (ii) classified as class one or class two  in  accordance
  with  subdivision  one  of  section  eighteen  hundred  two  of the real
  property tax law as such subdivision was in  effect  on  January  fifth,
  nineteen hundred ninety-seven; and
    (4)  for the fiscal year commencing on the first day of July, nineteen
  hundred ninety-eight, and for each fiscal year thereafter, real property
  held in a cooperative form of ownership, provided that (i) the  assessed
  valuation on such assessment roll of such property divided by the number
  of dwelling units contained in such property shall equal eighty thousand
  dollars  or  less,  and (ii) such property is classified as class one or
  class two in accordance with subdivision one of section eighteen hundred
  two of the real property tax law as such subdivision was  in  effect  on
  January fifth, nineteen hundred ninety-seven; all taxes upon real estate
  for each fiscal year shall be due and payable in four equal installments
  each  of  which  shall  be  due and payable in such year as follows: the
  first payment on the first day of July, the second payment on the  first
  day  of  October,  the  third  payment  on the first day of January, the
  fourth payment on the first day of April. However, if  any  property  is
  acquired  by  the  city  in  condemnation proceedings, the proportionate
  share of the amount of the tax on such property which would be  due  and
  payable  on  the  next  succeeding  installment  date,  shall be due and
  payable on the date when the title to such property vests in the city.
    b. With respect to real property other than such  property  listed  in
  paragraph  a  of this subdivision one, for the fiscal year commencing on
  the first day of July nineteen hundred eighty-three and for each  fiscal
  year  thereafter:  all taxes upon real estate for each fiscal year shall
  be due and payable in two equal installments, the first of  which  shall
  be due and payable on the first day of July in such year, and the second
  of  which  shall  be due and payable on the first day of January in such
  year. However, if any property is acquired by the city  in  condemnation
  proceedings,  the  proportionate  share of the amount of the tax on such
  property  which  would  be  due  and  payable  on  the  next  succeeding
  installment date, shall be due and payable on the date when the title to
  such property vests in the city.
    2.  All  taxes  shall  be and become liens on the real estate affected
  thereby and shall be construed as and deemed to be  charged  thereon  on
  the  respective  days when they become due and payable, and not earlier,
  and shall remain such liens until paid.
    3. Any installment of taxes on real estate for any fiscal year may  be
  paid,  in  full  or in part, twenty-five days prior to the date on which
  the first installment for such fiscal year would  otherwise  become  due


  and  payable or at any time thereafter and, provided that payment of any
  installment or part thereof is made not later than fifteen days prior to
  the date that such installment would otherwise become  due  and  payable
  and  provided  that all prior installments shall have been paid or shall
  be paid at the same time, a discount shall be allowed from the  date  of
  payment  of  such  installment  or  part  thereof  to  and including the
  fifteenth day of the calendar month  on  which  such  installment  would
  otherwise  become due and payable at the rate fixed by the council and a
  receipt shall be furnished  to  the  extent  of  such  payment  and  the
  discount  thereon.  Upon payment of any such installment or part thereof
  prior to the date  such  installment  would  otherwise  become  due  and
  payable,  such  installment  or  part  thereof  shall  be deemed due and
  payable and shall be satisfied and extinguished to  the  extent  of  the
  amount so paid plus the discount provided for herein. Not later than the
  fifteenth day of May in each year, the banking commission shall transmit
  a  written  recommendation  to the council of the proposed discount rate
  for the ensuing fiscal year. The council may adopt a discount  rate  for
  such ensuing fiscal year on the fifth day of June preceding such ensuing
  fiscal  year or at any time thereafter. As used in this subdivision, the
  words "taxes on real estate," in the case of  utility  companies,  shall
  also include special franchise taxes.
    4.  a.  (1)  Notwithstanding  anything  in  subdivision  three  to the
  contrary, the discount allowed pursuant to such subdivision shall not be
  allowed to and including the fifteenth day  of  the  calendar  month  in
  which  an  installment  of taxes on real property would otherwise become
  due and payable  if  the  real  property  with  respect  to  which  such
  installment  is  paid  is  described in paragraph b of this subdivision.
  With respect to real property described in  paragraph  b,  the  discount
  shall  be allowed only to and including the date on which an installment
  of taxes becomes due and payable.
    (2) Notwithstanding anything in subdivision three to the contrary,  no
  discount  shall  be  allowed  with respect to an installment of taxes on
  real property described in paragraph b of this subdivision  unless  such
  installment is paid no later than thirty days prior to the date on which
  such installment becomes due and payable.
    b. Real property is described in this paragraph if:
    (1)  its  assessed  valuation  is  more  than  forty thousand dollars,
  provided that, for this purpose, real property  held  in  a  cooperative
  form  of  ownership shall not be deemed to have an assessed valuation of
  more than forty thousand dollars if its assessed  valuation  divided  by
  the  number  of  dwelling  units contained therein equals forty thousand
  dollars or less, except that for the fiscal year commencing on the first
  day of July, nineteen hundred ninety-eight, and  for  each  fiscal  year
  thereafter,  such  property  shall  not  include  real  property with an
  assessed valuation of eighty thousand dollars or  less,  provided  that,
  for  this purpose, real property held in a cooperative form of ownership
  shall not be deemed to have an assessed valuation of  more  than  eighty
  thousand  dollars  if  its  assessed  valuation divided by the number of
  dwelling units contained therein equals eighty thousand dollars or less,
  and provided, further, that such real property  or  such  real  property
  held  in  a  cooperative form of ownership is classified as class one or
  class two in accordance with subdivision one of section eighteen hundred
  two of the real property tax law as such subdivision was  in  effect  on
  January fifth, nineteen hundred ninety-seven; or
    (2)  irrespective  of  its  assessed valuation, real property taxes on
  such property are held in escrow and  paid  to  the  commissioner  by  a
  mortgage escrow agent.


    c.  For purposes of this subdivision, the term "mortgage escrow agent"
  shall include every banking organization, federal savings bank,  federal
  savings and loan association, federal credit union, bank, trust company,
  licensed  mortgage  banker,  savings bank, savings and loan association,
  credit  union,  insurance  corporation  organized  under the laws of any
  state other than New York, or any other person, entity  or  organization
  which,  in  the  regular  course of its business, requires, maintains or
  services escrow accounts in connection with mortgages on  real  property
  located in the city.
    5.  The  provisions of this section shall not apply to any installment
  of tax that becomes due and payable on or after July first, two thousand
  five.