§ 288-16. Terms and conditions.

In addition to the requirements contained in § 1184 of the Real Property Tax Law, the installment agreement between the Director of Finance and eligible owner shall include the following terms:

A. 

The maximum term of installment agreements shall be 24 months.

B. 

The amount due under the installment agreement shall be the eligible delinquent taxes plus the interest that is to accrue on each installment payment up to and including the date on which each payment is to be made. The amount due shall be paid, as nearly as possible, in equal amounts on each payment due date on a monthly, quarterly or semiannual basis. Such payment shall commence upon the signing of an agreement between the Director of Finance and the eligible owner. Each installment payment shall be due on the last day of the month in which it is to be paid.

C. 

A down payment of at least 25% of the eligible delinquent taxes shall be due and payable on the date of the installment agreement.

D. 

A property owner may pay the outstanding amount due without penalty at any time during the term of the installment agreement.