New York Laws
Title 3 - Miscellaneous Provisions
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.