§ 242 — Assessments payable in installments

New York § 242

• Jurisdiction: New York
• Law TWN: Town
• Art. 15: Financing of Public Improvements

Text

§ 242. Assessments payable in installments. 1. The supervisor shall\npresent the returned assessment roll to the town board at its next\nmeeting. If obligations shall have been issued to finance the\nimprovement, in whole or in part, the town board shall divide the amount\nof the unpaid assessment against each parcel of land into such annual\ninstallments as shall be necessary to completely amortize the principal\namount of such obligations as they shall mature. A special assessment\nroll shall be prepared setting forth such amortization, specifying the\nowner of each parcel of land and the amount of each annual installment\nwhich shall be assessed against such parcel.\n 2. There shall be added to the amount of each installment, interest at\nthe highest rate borne by the obligations so issued. The original\nassessment roll or data file as authorized by article fifteen-C of the\nreal property tax law returned by the collector or receiver of taxes,\ntogether with the special assessment roll for the payment of the\nassessments in installments, shall be filed in the office of the town\nclerk.\n 3. Whenever assessments shall be payable in installments, each\ninstallment thereof shall become a lien at and only from the time the\nsame becomes payable upon the parcel of real estate upon which the same\nshall be assessed, prior and superior to all other claims, liens, assets\nor interests therein, except the lien of an existing tax or assessment.\n