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1. Commencing immediately after the close of the period for public inspection and examination of the books of annual record of the assessed valuation of real estate, the commissioner shall cause to be prepared, from such books, assessment rolls for each borough in such manner as shall be provided by law.
2. As soon as such rolls are completed, the commissioner shall annex to each of such rolls a certificate that the same is correct in accordance with the entries and corrected entries in the several books of annual record. The rolls so certified must, on or before the twentieth day of June in each year, be delivered by the commissioner to the council.
a. The mayor shall prepare and submit to the council, immediately upon the adoption of a single budget pursuant to section two hundred fifty-four, a statement setting forth the amount of the budget as approved by the council for the ensuing year. The mayor may include in the statement of the amount of the budget as approved by the council a confirmation of such amount, and thereby waive mayoral veto power pursuant to section two hundred fifty-five.
b. If, as a result of the exercise of the mayor's veto pursuant to section two hundred fifty-five, the amount of the budget for the ensuing fiscal year differs from the amount of the budget approved by the council pursuant to section two hundred fifty-four, not later than two days after the budget is finally adopted the mayor shall prepare and submit to the council a statement setting forth the amount of the budget for the ensuing year, and the council shall, if necessary, fix new annual tax rates pursuant to subdivision c of section one thousand five hundred sixteen.
c. The mayor shall prepare and submit an estimate of the probable amount of (1) receipts into the city treasury during the ensuing fiscal year from all the sources of revenue of the general fund and (2) all receipts other than those of the general fund and taxes on real property in the budget message submitted to the council pursuant to section two hundred forty-nine. After submission of the budget message to the council pursuant to section two hundred forty-nine but not later than the twenty-fifth day of May, the mayor may prepare and submit to the council an updated estimate of the probable amount of (1) receipts into the city treasury during the ensuing fiscal year from all the sources of revenue of the general fund and (2) all receipts other than those of the general fund and taxes on real property. After the twenty-fifth day of May and until adoption of the budget pursuant to section two hundred fifty-four, the mayor may prepare and submit to the council an update of such estimate, provided that the mayor makes a determination that it is fiscally necessary to do so due to changed circumstances, and submits such determination in writing to the council setting forth the basis of that determination and the changed circumstances between the previous estimate and such update that warrant such modification.
d. The mayor, prior to issuing any estimate of revenues for the ensuing fiscal year as required by this section where such estimate is issued on or after the first of May, shall consider any alternative estimate of revenues which has been timely submitted pursuant to subdivision e of this section at least two weeks before the issuance of the mayor's estimate and which is accompanied by a statement of the methodologies and assumptions upon which such estimate is based in such detail as is necessary to facilitate official and public understanding of such estimates.
e. Any person or organization may, prior to the fifteenth day of May, submit to the mayor an official alternative estimate of revenues for consideration by the mayor in accordance with subdivision d. Such estimate shall be in a form prescribed by the mayor.
(Am. L.L. 2019/215, 12/11/2019, eff. 12/11/2019)
a. The council shall fix the annual tax rates immediately upon the approval of the budget pursuant to section two hundred fifty-four. The council shall deduct the total amount of receipts contained in the most recent estimate submitted by the mayor pursuant to section two hundred fifty or section one thousand five hundred fifteen from the amount of the budget, for the ensuing fiscal year, and shall cause to be raised by tax on real property such sum as shall be as nearly as possible but not less than, the balance so arrived at, by fixing tax rates in cents and thousandths of a cent upon each dollar of assessed valuation. The tax rates shall be such to produce a balanced budget within generally accepted accounting principles for municipalities.
b. If a single budget has not been adopted by the fifth day of June pursuant to subdivision b of section two hundred fifty-four, the tax rates adopted for the current fiscal year shall be deemed to have been extended for the new fiscal year until such time as a new budget is adopted.
c. In the event the mayor exercises the veto power pursuant to section two hundred fifty-five, the council shall, if necessary, fix new annual rates not later than the date the budget is finally adopted in accordance with the requirements of subdivision a of this section.
(Am. L.L. 2019/215, 12/11/2019, eff. 12/11/2019)
Notwithstanding the provisions of sections fifteen hundred sixteen, fifteen hundred seventeen and fifteen hundred eighteen or any other provisions of law to the contrary:
(a) If the city council has not fixed the tax rates for the ensuing fiscal year pursuant to section fifteen hundred sixteen on or before the fifth day of June, the commissioner of finance shall be authorized to complete the assessment rolls using estimated rates and to collect the sums therein mentioned according to law. The estimated rates shall equal the tax rates for the current fiscal year.
(b) If, subsequent to the fifth day of June, the council shall, pursuant to section fifteen hundred sixteen, fix the tax rates for the ensuing fiscal year at percentages differing from the estimated rates, real estate tax payment shall nevertheless be payable in accordance with subdivision a of this section at the estimated rates. However, in such event, prior to the first day of January in such fiscal year, the commissioner of finance shall cause the completed assessment rolls to be revised to reflect the tax rates fixed by the council pursuant to section fifteen hundred sixteen, and an amended bill for the installment or installments for such fiscal year due and payable on or after the first day of January shall be submitted to each taxpayer in which whatever adjustment may be required as a result of the estimated bill previously submitted to the taxpayer shall be reflected.
At such annual meeting the council shall cause to be set down in the assessment rolls, opposite to the several sums set down in the valuation of real property, the respective sums, in dollars and cents, to be paid as a tax thereon, rejecting the fractions of a cent. It shall also cause to be added and set down the aggregate valuations of the real property in the several boroughs, and shall transmit to the comptroller of the state by mail a certificate of such aggregate valuation in each borough.
1. Immediately upon the completion of the assessment rolls, the city clerk shall procure the proper warrants authorizing and requiring the commissioner to collect the several sums therein mentioned according to law. Such warrants need be signed only by the public advocate and counter-signed by the city clerk. Immediately thereafter and on or before the thirtieth day of June, the assessment rolls of each borough, as corrected according to law and finally completed, or a fair copy thereof, shall be delivered by the public advocate to the commissioner with the proper warrants, so signed and counter-signed, annexed thereto. At the same time the public advocate shall notify the comptroller of the amount of taxes in each book of the assessment rolls so delivered.
2. The commissioner upon receiving the assessment rolls and warrants shall immediately cause the assessment rolls and warrants to be filed in the respective borough offices.
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.
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