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(A) Some of the resident property owners of the city who met certain prescribed guidelines were eligible for abatement of special assessments.
(B) In the event any of the following incidents should occur within 15 years of the date the original assessment roll was adopted, September 16, 1986, the assessments abated will be relevied on the property from where they were abated and must be paid either in cash at the time of the happening of the incident or, at the option of the then property owners, be spread on the tax rolls to be paid over a 15-year period, the first installment to be paid with real property taxes the year following reassessment, bearing interest at the maximum rate chargeable under and pursuant to Chapter 429 of the laws of the state:
(1) A sale of the property on a contract for deed arrangement;
(2) An outright transfer (with or without consideration) of the land;
(3) The death of the property owner(s) who owned the property at the time the abatement was granted (if abated for joint tenants, upon the decease of the final surviving joint tenant);
(4) As to assessments abated where the eligible property owner was a life tenant, upon expiration of the life tenancy (death of the life tenant); and
(5) Foreclosure of a mortgage on property which was the subject matter of abated assessments where there is no redemption (by the owner(s) who received the abatement) from the foreclosure within the equity of redemption period.
(Prior Code Ch. 50, § 10)