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SCHENECTADY
City to end deal with tax-collecting company
BY KATHLEEN MOORE Gazette Reporter
Reach Gazette reporter Kathleen Moore at 395-3120 or moore@dailygazette.com.

    Every time the city has managed to get a property owner to pay late taxes, Schenectady has written a check to Tower Capital Management.
    The company was guaranteed a commission on all delinquent taxes when it agreed to chase down delinquent taxpayers and try to get them to pay. But the contract was written in such a way that if the city intensified its efforts, Tower would still benefi t.
    This year, the company will get $600,000 from Schenectady, mostly because the city managed to collect so much more in taxes through the threat of foreclosure.
    As a result, Finance Commissioner Ismat Alam asked the City Council to terminate the contract with Tower. According to the contract, the earliest the city can stop paying Tower will be Jan. 31. Councilman Carl Erikson said he wasn’t happy with the way the contract was written. “We pay them for anything that’s collected, even if we did the work,” he said. “The way it was set up maybe wasn’t ideal.” And he’s sure the city can duplicate Tower’s work for much less.
    “They weren’t doing the hardcore collections. They’re sending out letters,” he said. “I think that anybody could do that. If that’s 99 percent of the work, I think it’s very likely we’ll be able to do it more effi ciently.”
    But he wants city workers to stay within the bounds of decency when they try to collect.
    “Normal debt collectors can engage in practices I don’t think are right for the city,” he said.
    Instead of harassment, he said, the message should be: “If you don’t pay, we foreclose.
    “Simple, clean and professional,” he said.
    City staffers are trying to develop a profile of the average late-payer so they can develop techniques to “motivate” that person to pay, Mayor Gary McCarthy said.
    “The problem the city has is revenue collection. We don’t need to raise taxes. We’ve got to get people to pay what they owe us,” he said.
    While foreclosure has eliminated many nonpaying owners, McCarthy thinks other techniques would get late-payers to pay on time.
    “There’s a difference between the late-payers and the nonpayers,” he said. “How do we change our message to get people to take the payment of taxes more seriously?”
    In particular, he wants to get owner-occupants to pay regularly so they do not face foreclosure.
    “We want to work with them the most because they create the most value,” he said, referring to the stability that owner-occupants are believed to bring to a neighborhood. ....................................>>>>......................>>>>.................http://www.dailygazette.net/De.....r00900&AppName=1

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Frequently Asked Questions:
Tower's corporate mission is to convert real estate tax liens into revenue for our municipal clients. Part of this mission is also assisting taxpayers meet their obligations in a reasonable and timely manner, thus avoiding further interest and penalties. Tower is committed to dealing with all taxpayers in a respectful and consistent manner. Our servicing staff is experienced in handling taxpayer inquiries. We can be reached toll-free at (800) 316-9584.

We understand that unique circumstances may result in a taxpayer's inability to pay off their outstanding obligations immediately. When this occurs, where permitted by law, Tower can offer installment payment plans designed to help taxpayers satisfy these delinquent obligations. Please review our Frequently Asked Questions below which may answer questions you might have concerning your outstanding tax lien obligations.

Q: Why do I owe my delinquent property taxes to Tower?



A:   Your local government assigned your tax lien to Tower to accelerate its revenue and help balance its budget. As a result of this assignment we have been authorized to collect upon these delinquent obligations.



Q: Will it cost me more than if my municipality had not sold the tax lien on my property?



A: No. Tower, by statute, can only charge the same interest, fees and costs as your Tax Collector or Treasurer. No additional interest, fees or costs will be imposed except where a foreclosure action is required due to non-payment.



Q: Can I repay my outstanding delinquencies by making payments in installments?



A: Depending on the legal requirements of your taxing jurisdiction and other circumstances, you may be able to qualify for an installment payment plan designed to allow you to redeem your outstanding tax obligations.



Q: I think I paid my tax bill, but it still shows on the land records as unpaid, how can I get this resolved?



A: A Tower payoff specialist can check to see when you paid the bill and when the release was sent, please call (800) 316-9584 to discuss your account's status.



Q: I don’t live at this address anymore, why are you trying to collect this obligation from me?



A: This happens from time to time, as we get our information from your local government and there may be a reason why we have you listed as the party responsible for the delinquent account. If you received a bill that you believe was in error, please call a payment specialist at (800) 316-9584 .



Q: I have filed for bankruptcy and I have received a notice from Tower. What do I do next?



A: Please call us at (800) 316-9584 to speak with one of our servicing representatives who will update our records. When you call please have the date of your bankruptcy filing and the case number as well as the telephone number of the attorney who represents you.



Please feel free to fill out the form below, and a representative will get back to you as soon as possible.

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With a vision to facilitate intermediation for various financial products, resulting in minimum transaction and transformation cost to the customer, through a research backed approach; Tower Capital was formed in 1994 by the late Mr. Natubhai Ambani, Founder Director of Reliance Industries.

Tower started off with its intermediation in the then nascent Debt Market, and went on to add the Corporate Bond Desk, Primary Debt Desk, Equity Desk and Asset Advisory Group, to leverage synergies across all financial markets in the country.

Today, under the able stewardship of Mr. Vipul Ambani, CMD and Mr. Sandeep Bharadwaj, CEO and the supervision of a Board of Directors, Tower Capital looks forward to making its presence felt and attaining a leadership position in the Indian capital markets.  




Knowledge & Rationality: At Tower Capital, knowledge is a way of life.  All systems and processes are based on an extensive knowledge base. The rationality of decisions, backed by knowledge, forms the unique identity of Tower Capital in the dynamic financial markets.

Teamwork & Achievements: Teamwork is our mantra. It’s the team, rather than individual, which comes first. We believe in a shared vision and mission. The participation of people in the organisational processes, across all levels, is fostered to encourage synergy. Achievements are always well appreciated to keep employee morale high.

Integrity & Spirituality: An organisation’s image is sketched by the character of its leaders and people. The integrity of processes and character, coupled with business ethics and the spiritual uplifting of people is our ethos and our recipe for success.

Pleasure: Life is stale without pleasure. Working here is fun. Pleasure drives performance. Pleasure is not only about having fun, it’s also about having simple, smooth and efficient work processes. We strive to create a culture where our people enjoy their work. All the above values are backed by People, Products and Processes.
     





Tower Capital has demonstrated its prowess in the financial arena through its focussed range of services. Its Investment Banking and Equity Market Groups offer investors the opportunity to plan and execute transactions to optimise their holdings. In addition, the company also offers, through its Asset Advisory Group, services to manage investments in all avenues – shares, mutual funds, debt instruments, bonds, RBI securities, insurance, post office saving, etc. The company is well equipped to offer all these services, with a strong research department and its rapport with numerous institutions, banks, corporates and mutual funds.

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With a vision to facilitate intermediation for various financial products, resulting in minimum transaction and transformation cost to the customer, through a research backed approach; Tower Capital was formed in 1994 by the late Mr. Natubhai Ambani, Founder Director of Reliance Industries. ...more  
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At Tower, we have made our focus the generation of positive returns for our clients. We take ownership of our trade ideas and monitor them continuously. The entry and exit of the trades is our responsibility and we are the first to let our clients know when we are wrong.... more  


     
                              
     

We pride ourselves on providing independent research, without any conflict of interest (we do not have a proprietary trading desk) to our clients. We specialise in analysing global macro trends, which enables us to generate investment ideas which are ahead of the market consensus curve. Our contrarian views have helped our clients generate positive returns in difficult market conditions (our clients had positive returns in the year 2008

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Investment banking, our youngest business division, is a natural extension of our strong investor relationships and research expertise. Eschewing the “transaction-oriented” approach followed by many investment banks, we differentiate ourselves by providing unbiased advice, taking the time to understand each client’s unique needs and developing solutions tailored to those needs.


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Wealth Management involves having an essential road map for preservation and growth of wealth. This form of wealth management is possible if investment is directed towards those products or entities that form the build up for the future in terms of new wealth creation avenues. The global economy has changed from being dependant on men, machine and money to a knowledge-based economy. Capital and financial markets now play a complementary role and do not occupy a pre-eminent position any more


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