New-York tribune., 1912-04-28
NEW ASSESSMENT LAWS
Owners May Now Pay City Liens
in InStaImentS.

Two important measures In regard To the
payment Of assessments were passed by the
last Legislature. They were recently ap-
proved hy Governor Dix.
Walter Liudner. solicitor Of the Title
Guarantee and Trust Company said yes
terddy In speaking OF the new laws
The first OF these laws Is known as
Chapter 81. of the Laws OF 1912. II pro-
vides that when an assessment upon real
property exceed. per cent Of the tax vslu-
alton FOR the year preceding of the parcels
affected the collector OF assessments and
arrears shall divide the assessment upon
each parcel separately assessed into ten In
stalments as nearly equal as may be.
The first OF these IS due and PAYABLE and
becomes a lien upon the real estate just as
any other assessment. The remaining In
stalments bear interest at s per cent and
ono Of these becomes a lien each yea: on
| the anniversary OF the date OF entry Of the
original assessment
Each instaiment begins to bear interest
at per cent after It Is due, but the remain
ing lnstalments continue to bear per cent
until they in their turn become due.
There may be a sale OF the FAX len on
the property for each unpaid instaiment
after II Is due, just as II the instalment rep
resented the whole OF the assessment lf
the city acquires the property 10y condem-
nation the remaining instalments become
due as OF the date of confirmation OF the
raport OF the commissioners in the condem-
nation proceedings"
Mr.. IAndner further said: The other
law. Chapter 3ss OF the Laws OF 1912, pro-
ms avail
himself of the privilege Of paying an old
assessment in instalments, provided the
assessment exceeded . per cent OF IN" as
sesed valuation and had teen confirmed ar
ter January I. 1873. and before next Septem-
Der l.
TO take advantage OF the act an appli-
cation must be made IN writing by the
owner Of the property. AM ~ many ~ the
ten instalmrnts are TO be considered due
a. years have elapsed since the conirma-
ton of the assessment. Tho overdue IN
stalments bear interest at : per cent, and
upon their payment the assessment ceases
to become lien upon the property except
as each instament becomes lien. The
instalments which are not due bear inter
est at : per cent, as IL provided for new
assessments"
Mr Lindner said that while the new laws
wcre most excellent in that they enabled
property owners to elualize their pay
meuJs over some considerable period, some
trouble would result 10 purchasers Of prop
crty on which the first instalment Of such
assessment had already become IA lien. II
happens usually that the physical work to
he paid for by an assessment is completed
before the assessment is entered.
The purchaser sees the work done and,
unless he Is experienced In such matters,
presumes 1t has been paid for, pays the
price for the property that the property Is
worth with the improvements completed.
not appreciating that he himself must pay
for these improvements by paying install
ments on the assessment for a period Of
eight or nine years to come II Is "A duty
Of "a purchaser to inquire In regard to such
assessments and make sure he Is not load
ing himself up with a constantly recurring
debt
In contracts which We draw in our Of
fee" added Mr. Lindner. we shall en-
deayOr TO warn purchasers in each instance
10 be careful 10 find out whether any such
assessments have already been entered
against the property"