NY Vill L § 5-518 (2021)
2021 New York Laws VIL - Village Article 5 - Finances 5-518 - Collection of Special Assessments.

§  5-518 Collection of special assessments. 1. Any provision of law to   the contrary notwithstanding, all special or  local  assessments  levied   against real property shall be collected as in this section provided.2. Whenever an expenditure is made or a contract awarded for a purpose   for  which  bonds  cannot be issued and the amount of a local or special   assessment, inclusive of interest to maturity of  obligations,  if  any,   issued  to  finance  such  expenditure, is finally fixed, determined and   confirmed, such assessment may be  paid  without  penalty  at  any  time   within  a  period  of  thirty  days,  computed  from  the  date  of such   confirmation.3. If an expenditure is made or a contract awarded for a  purpose  for   which  bonds  may be issued pursuant to the local finance law, the board   of trustees may provide for the payment of special  assessments  by  any   one of the following methods:a.  The  board  of  trustees  may  adopt  the  procedure  described in   subdivision two of this section.b. The board of trustees may determine that such  assessments  may  be   paid  in  annual  installments.  In  such  case, it may give a period of   thirty days from date of confirmation in which assessments may  be  paid   in full without penalty. Upon the expiration of such period, obligations   shall  be  issued pursuant to the local finance law for the total unpaid   assessments. The amount of the unpaid assessment against each parcel  of   land  shall  be  divided  into  such  annual  installments  as  shall be   necessary  to  completely  amortize  the  principal   amount   of   such   obligations  as they shall mature. There shall be added to the amount of   each installment a sum sufficient to meet a pro rata share of the annual   interest payable on  such  obligations.  The  board  of  trustees  shall   annually  levy  the  amount of the annual installment, unless same shall   have been prepaid as provided in paragraph c of this  subdivision,  with   interest  as  aforesaid,  on  a  special assessment roll and such amount   shall be extended on such roll against the real property benefited.  The   board of trustees may determine that such annual  installment  shall  be   due  at  the same time as real property taxes, in which event the amount   of such installment shall be extended in a separate column in the annual   tax roll. In the latter case, the same penalties for  non-payment  shall   attach  as in the case of non-payment of the village tax, as provided in   the real property tax law and there shall be no  relevy  of  the  unpaid   installment  as prescribed in subdivision five of this section, but such   unpaid installment shall be collected as provided in said real  property   tax law.c.  Whenever  an  unpaid  assessment  has  been  divided  into  annual   installments pursuant to paragraph b of this subdivision  the  board  of   trustees  may,  at  the  time  of  making  such division, or at any time   thereafter, provide that all future annual installments may  be  prepaid   together with a sum sufficient to meet all future pro rata shares of the   annual  interest  payable  on such obligations and which would otherwise   have been added to such future installments had same not  been  prepaid.   All  sums received from such prepayments shall be deposited and retained   in a separate account in a depositary designated in the manner  provided   by  section  ten  of the general municipal law to be applied only to the   payment of the obligations  issued  pursuant  to  paragraph  b  of  this   subdivision. Notwithstanding the foregoing, such sums so received may be   invested  in  the  manner  permitted  in  section  eleven of the general   municipal law.4. If any assessment or annual installment thereof be not paid  within   the  prescribed  thirty day period, penalties shall be computed from the   expiration date of such thirty day period at the rate of one-half of one   per centum per month or portion thereof until the assessment is paid  or    discharged.  All  penalties  collected  shall be credited to the general   fund.5. At least thirty days before the end of the fiscal year, the officer   or  official  charged  with  the  collection  of  such  special or local   assessments shall transmit to the board of trustees a statement  of  all   delinquent  special  or  local  assessments, showing the amounts thereof   with penalties computed to the first day  of  the  month  following  the   month  in  which  the fiscal year commences, and thereafter he shall not   collect or receive payment of any such special  assessment  in  default.   The  board of trustees shall include the amounts shown on such statement   in the annual tax levy and such amounts shall be extended on the  annual   tax  roll  against  the  real properties concerned in a separate column.   Such special assessments shall thereafter be deemed for the purposes  of   collection  to  be  a  part of the annual village tax and the assessment   shall be deemed to have been cancelled as of the date of the tax levy.6. Whenever any special assessment or  installment  thereof  shall  be   extended  on the village tax roll, whether pursuant to subdivision three   or subdivision five of this  section,  the  special  assessment  account   shall  be  credited  with  the  amount  of  the  special  assessment  or   installment,  less  penalties.  The  amounts  so   extended,   including   penalties, when collected, shall be paid into the general fund.