§ 494 — Taxation of exempt property upon transfer of title or possession in certain instances

New York § 494

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 3: Miscellaneous Provisions
• Art. 4: Exemptions

Text

§ 494. Taxation of exempt property upon transfer of title or\npossession in certain instances. 1. The provisions of this section\nshall apply only in a city having a population of one million or more.\n 2. Whenever any person, association or corporation not entitled to an\nexemption from taxation acquires title to or possession of property\nwhich is exempt from taxation, such property shall immediately become\nsubject to taxation and shall be taxed pro rata for the unexpired\nportion of the taxable year. However, if the United States or the state\nof New York, through the exercise of the power of eminent domain\nacquires or shall have acquired temporarily the possession, occupation\nor use of real property which was previously exempt from taxation\npursuant to former section four of the tax law, such previous exemption\nshall be deemed to continue unbroken and to resume from the date when\nthe possession shall have been restored to the owner and the previously\nexempt use resumed, despite the fact that such property may be or may\nhave been deemed taxable during the period when the United States or the\nstate of New York acquired or shall have acquired such temporary\npossession, occupation or use.\n 3. If taxes on any such property become due and payable for the\nentire taxable year on a single date, and any such change in title or\npossession takes place prior to such due date, the pro rata portion of\ntaxes imposed upon such property pursuant to this section shall become\ndue and payable and shall become a lien upon such property upon such due\ndate, but if such change in title or possession takes place after such\ndue date, such pro rata portion of taxes shall become due and payable\nand shall become a lien upon such property on the date when such change\nin title or possession takes place. If taxes embracing such property\nbecome due and payable on two dates in equal installments, and any such\nchange in title or possession takes place prior to the earlier of such\ndue dates, the pro rata portion of the first installment shall become\ndue and payable and shall become a lien on such property on such earlier\ndue date, and the entire second installment shall become due and payable\nand shall become a lien on such property on the later of such due dates;\nif any such change in title or possession takes place between such due\ndates, the entire pro rata portion of the taxes to which such property\nis subject for the taxable year pursuant to this section shall become\ndue and payable and shall become a lien on such property upon such later\ndue date; if any such transfer of title or possession takes place after\nthe later of such due dates, the pro rata portion of taxes to which such\nproperty is subject for the taxable year pursuant to this section shall\nbecome due and payable and shall become a lien on such property upon the\ndate of such transfer of title or possession. If taxes embracing such\nproperty become due and payable on more than two dates in equal\ninstallments, and any such change in title or possession takes place\nprior to the first due date, or between due dates, the pro rata portion\nof the first installment or of a subsequent installment affected by such\nchange, as the case may be, shall become due and payable and shall\nbecome a lien on such property on the due date next following such\nchange in title or possession, and the remaining installments shall\nbecome due and payable and shall become a lien on such property on their\nrespective due dates; if any such transfer of title or possession takes\nplace after the last due date in a taxable year, the pro rata portion of\ntax to which such property is subject for the taxable year pursuant to\nthis section shall become due and payable and shall become a lien on\nsuch property upon the date of such transfer of title or possession.\n 4. No right granted by this article to any person, association or\ncorporation to lease or otherwise use for income-producing purposes any\nproperty of such person, association or corporation, without terminating\nthe tax exemption of such property in whole or in part, shall be\nimpaired or diminished by this section, but if any change of title or\npossession of any property, shall, by virtue of the provisions of this\narticle, terminate the tax exemption of such property, in whole or in\npart, the provisions of this section shall apply with full force and\neffect to the extent that such property shall cease to be tax exempt by\nvirtue of the provisions of such article.\n