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 offices 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.
Editor's note: For related unconsolidated provisions, see Administrative Code Appendix A at L.L. 1989/047 and L.L. 1997/072.