§ 1340. Owner of real property may elect to pay school district taxes
in installments. 1. Upon receipt of the statement of taxes, any owner of
real property may elect to pay the total amount of the taxes set forth
in such statement without regard to this section; or he may elect to pay
such taxes in installments as provided in the local law enacted pursuant
to section nine hundred seventy-two of this chapter.

2. If the owner is eligible to participate in the installment program,
and elects to do so, he or she shall pay to the collecting officer the
amount set forth in such statement and designated as "first
installment". The amount of each succeeding installment shall be paid
to the county treasurer on or before the date specified in such local
law.

3. If any such installment is not paid on or before the date when
due, interest shall be added to the amount of any such installment at
the rate as determined pursuant to section nine hundred twenty-four-a of
this chapter, or such other law as may be locally applicable, for each
one month or part thereof until paid. No such installment may be paid
unless all prior installments of current taxes, including interest,
shall have been paid or shall be paid at the same time.

4. The owner of real property who elects to pay taxes in installments
as provided in this section shall indicate his election by remitting the
amount of the first installment to the collecting officer on or before
the date upon which it is due or not later than within five days
thereafter; provided, however, that in the event the amount of the first
installment is paid after the date upon which it was due, the interest
rate set forth in subdivision three of this section shall apply.

5. The failure or neglect by an owner of real property to pay the
first installment as provided in subdivision four of this section, shall
be construed as an election by such owner to pay the total amount of
such taxes in one payment in the manner provided by law.

6. Upon the expiration of the time for the payment of the first
installment as provided in subdivision four of this section, the
collecting officer shall make and deliver to the county treasurer a list
of the names of the owners of real property who have paid the amount of
the first installment to such collecting officer. The form of such list
shall be prescribed and furnished by the county treasurer.