Section 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.