N.Y. Real Property Tax Law 954 – Mailing or delivery of bills to mortgage investing institutions
§ 954. Mailing or delivery of bills to mortgage investing institutions. 1. A mortgagor who has entered into a real property tax escrow account may designate, on a form prescribed or approved by the commissioner, a mortgage investing institution, and its successors, agents or assigns to receive tax bills. Each such form shall be held by the mortgage investing institution, or any successor to which the account may be transferred, until the real property tax escrow account is terminated, at which time such designation shall be null and void. A mortgage investing institution in possession of such a form shall make it available for inspection by the mortgagor or collecting officer upon request. For any mortgage note executed prior to the first day of June, nineteen hundred ninety, the mortgage investing institution shall, upon the request of the collecting officer, provide any document that evidences its authorization to receive tax bills or obligation to pay taxes.
Terms Used In N.Y. Real Property Tax Law 954
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage investing institution: means any bank, trust company, national bank, savings bank, savings and loan association, federal savings bank, federal savings and loan association, private banker, credit union, federal credit union, investment company, pension fund, licensed mortgage banker or any other entity which maintains a real property tax escrow account for real property located in this state. See N.Y. Real Property Tax Law 952
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Mortgagor: means a person having title to and occupying a one to six family residence which is located in this state and is subject to a mortgage. See N.Y. Real Property Tax Law 952
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property tax escrow account: means an account established by contract between a mortgagor of real property improved by a one to six family residence and the mortgage investing institution having a mortgage thereon, into which the mortgage investing institution shall deposit money collected from the mortgagor for the purpose of paying taxes. See N.Y. Real Property Tax Law 952
- taxes: means a charge imposed upon real property by or on behalf of a county, city, town, village or school district for municipal or school district purposes, including a special ad valorem levy, special assessment or any similar charge. See N.Y. Real Property Tax Law 952
2. Notwithstanding the provisions of section nine hundred twenty-two, thirteen hundred twenty-two, thirteen hundred twenty-four or fourteen hundred thirty of this chapter, upon agreement between a collecting officer and a mortgage investing institution, the mortgage investing institution or its agent shall, no later than thirty days prior to the last date established by law for the annexation of the warrant to the assessment roll, present to the collecting officer a list in any mutually agreeable format of the real property tax escrow accounts with respect to which the mortgage investing institution or its agent has been authorized by the mortgagor to receive tax bills. If the collecting officer and mortgage investing institution agree, a list of additions and deletions to the last such list so delivered may be presented instead.
3. Upon receipt of such a list, the collecting officer shall take the necessary actions to provide that the appropriate bills for the upcoming levy will be mailed or delivered to the mortgage investing institution or its agent. Such bills may be transmitted in any mutually agreeable format, and need not include any information which the mortgage investing institution or its agent deems extraneous for its purposes. The collecting officer may, in addition thereto or in lieu thereof, cause the appropriate tax billing addresses on the tax roll and the data file, as such term is defined in section fifteen hundred eighty-one of this chapter, to be changed to conform to such list.
4. Where a collecting officer receives such a list later than thirty days prior to the last date prescribed by law for the annexation of the warrant to the assessment roll, the collecting officer may accept the same as if it were submitted in a timely manner.