N.Y. Real Property Tax Law § 494-a: Exemption from taxation of property upon transfer of title in certain instances

§ 494-a. Exemption from taxation of property upon transfer of title in

certain instances. 1. The provisions of this section shall apply only in

a city having a population of one million or more.

2. Whenever any corporation or association entitled to exemption from

taxation pursuant to paragraph (a) of subdivision one of section four

hundred twenty-a or paragraph (a) of subdivision one of section four

hundred twenty-b of this chapter, or any local law adopted pursuant to

such provisions, acquires title to real property that is not exempt, in

whole or in part from taxation, such property shall, if it otherwise

qualifies for exemption pursuant to such provisions, be immediately

subject to exemption upon the date of transfer of title of such property

to such corporation or association.

3. Notwithstanding any other provision of law to the contrary,

applications for exemption pursuant to this section for fiscal years as

to which the applicable taxable status date has passed may be filed at

any time after the transfer of title of such property to such

corporation or association. The city department of finance shall make a

determination as to the qualification of the property for exemption and

shall notify the applicant and the city tax commission of the exempt

amount, if any, and the right of the owner to a review of the

determination of the city department of finance by filing an application

for correction of assessment. Notwithstanding the foregoing provision,

an application for exemption shall be deemed to be denied on the

ninetieth day after the submission of such application where the city

department of finance has not made a determination on such application

prior to such ninetieth day.

4. Notwithstanding any other provision of law to the contrary, where

determinations on such applications for exemption are made after the

filing of the tentative assessment roll, the commissioner of finance of

such city is authorized to reduce the amount of taxes accordingly and,

if such taxes have been paid, to refund or credit the amount of any such

reduction. An applicant may seek review of a determination on an

application for exemption by filing an application for correction of

assessment in the manner provided in the charter of such city except

that where a determination on an application for exemption is made after

the filing of the tentative assessment roll, an applicant may seek

review of such determination by filing an application for correction of

assessment within thirty days after notice of such determination is

mailed to the applicant or, if applicable, within thirty days after the

application for exemption is deemed to be denied pursuant to subdivision

three of this section.

5. Notwithstanding any other provision of law to the contrary, where a

determination on an application for exemption pursuant to this section

is made after the filing of the tentative assessment roll, a proceeding

for review of such assessment pursuant to article seven of this chapter

shall be commenced within thirty days after notice of the determination

of the city tax commission is mailed to the applicant.