N.Y.C. Admin. Code § L.L. 1996/041: L.L. 1996/041

Enactment date: 5/14/1996

Int. No. 770

By Council Members Berman, Fisher, Spigner and Abel (by request of the Mayor)

A Local Law in relation to prepayment of real estate taxes

Be it enacted by the Council as follows:

Section 1. Notwithstanding any other provision of law, any installment of taxes on real estate for the fiscal year beginning July first, nineteen hundred ninety-six that becomes due and payable prior to January first, nineteen hundred ninety-seven, may be paid 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 any installment that becomes due and payable prior to January first, nineteen hundred ninety-seven, is paid in full not later than June thirteenth, nineteen hundred ninety-six, and provided, further, 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 to and including the fifteenth day following the date on which such installment would otherwise become due and payable at the rate of five percent per annum.

§ 2. Notwithstanding anything in section one of this local law to the contrary, the discount allowed pursuant to such section shall not be allowed to and including the fifteenth day following the date on which such installment would otherwise become due and payable if the real property with respect to which such installment is paid is described in paragraph b of subdivision four of section fifteen hundred nineteen of the New York city charter. With respect to real property described in paragraph b of subdivision four of such section, the discount shall be allowed only to and including the date on which such installment of taxes would otherwise become due and payable.

§ 3. The discount provided for in subdivision three of section fifteen hundred nineteen of the New York city charter shall apply to all prepayments made in accordance with the terms of that subdivision after June thirteenth, nineteen hundred ninety-six.

§ 4. Notwithstanding any inconsistent provisions of a local law for the year 1996, as proposed in Int. No. 765, for the purpose of implementing the provisions of this local law, 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 in accordance with subdivision a of section 1516-a of the New York city charter and, where the commissioner of finance has exercised the authority granted by subdivision a of section 1516-a of such charter, the provisions of subdivision b of section 1516-a of such charter shall apply.

§ 5. This local law shall take effect immediately