Payment Agreements
Past Due Property Taxes
You do not need to make an installment agreement to pay past due property taxes or other charges unless the property is at risk for a lien sale or in rem action.
Payment Agreements for at Risk Properties
You can enter into a payment agreement (also known as an installment agreement) to keep your property from enforcement actions.
Options
Finance offers payment agreements with:
- A down payment as little as zero. Finance recommends making a greater than zero down payment so the installment amount is lower.
- Monthly or quarterly installments.
- Terms of up to 10 years.
Summary of Agreement Rules
The interest rate is 9% or 18%, depending on the assessed value of the property.
If you fail to pay both your scheduled installment payments and any new taxes/charges on the property for a period of six months:
- Your agreement is considered in default and may be cancelled.
- The property will then be eligible for any and all collection actions, including tax lien sales.
- You will be unable to enter into another payment agreement for that property for the next five years.
Requesting a Payment Agreement
An owner or an owner's authorized agent may submit a Property Tax Payment Agreement Request in any Finance Business Center.
To complete the application process, the applicant must provide:
- Proof of identity (e.g., copy of a driver’s license or non-driver ID), and
- Proof of relationship to the property (e.g., copy of most recent recorded deed or Power of Attorney from owner of record).
If your property was already subject to an in rem enforcement action, you must obtain approval from the Department of Housing Preservation and Development for a formal payment agreement.
For more information call 212-440-5408.
Related Information
Payment Instructions
Exemptions
