N.Y. Town Law § 242: Assessments payable in installments

§ 242. Assessments payable in installments. 1. The supervisor shall

present the returned assessment roll to the town board at its next

meeting. If obligations shall have been issued to finance the

improvement, in whole or in part, the town board shall divide the amount

of the unpaid assessment against each parcel of land into such annual

installments as shall be necessary to completely amortize the principal

amount of such obligations as they shall mature. A special assessment

roll shall be prepared setting forth such amortization, specifying the

owner of each parcel of land and the amount of each annual installment

which shall be assessed against such parcel.

2. There shall be added to the amount of each installment, interest at

the highest rate borne by the obligations so issued. The original

assessment roll or data file as authorized by article fifteen-C of the

real property tax law returned by the collector or receiver of taxes,

together with the special assessment roll for the payment of the

assessments in installments, shall be filed in the office of the town

clerk.

3. Whenever assessments shall be payable in installments, each

installment thereof shall become a lien at and only from the time the

same becomes payable upon the parcel of real estate upon which the same

shall be assessed, prior and superior to all other claims, liens, assets

or interests therein, except the lien of an existing tax or assessment.