Section 975. Owner of real property may elect to pay taxes in installments

1. Upon receipt of the statement of taxes, an owner of real property may
  elect to pay the total amount of the taxes set forth in  such  statement
  without  regard  to  this  title;  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 the local law
  enacted  by  the  county pursuant to section nine hundred seventy-two of
  this chapter.
    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
  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
  taxes in one payment in the manner provided by law.
    6. The county treasurer of a county which  has  enacted  a  local  law
  pursuant  to  section  nine  hundred  seventy-two  of  this  chapter may
  promulgate and amend suitable  rules  and  regulations  prescribing  the
  necessary  forms  for  carrying into effect the provisions of this title
  and of article thirteen of this  chapter  relating  to  the  installment
  payment of taxes.