§ 494-A — Exemption from taxation of property upon transfer of title in certain instances

New York § 494-A

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

Text

§ 494-a. Exemption from taxation of property upon transfer of title in\ncertain instances. 1. The provisions of this section shall apply only in\na city having a population of one million or more.\n 2. Whenever any corporation or association entitled to exemption from\ntaxation pursuant to paragraph (a) of subdivision one of section four\nhundred twenty-a or paragraph (a) of subdivision one of section four\nhundred twenty-b of this chapter, or any local law adopted pursuant to\nsuch provisions, acquires title to real property that is not exempt, in\nwhole or in part from taxation, such property shall, if it otherwise\nqualifies for exemption pursuant to such provisions, be immediately\nsubject to exemption upon the date of transfer of title of such property\nto such corporation or association.\n 3. Notwithstanding any other provision of law to the contrary,\napplications for exemption pursuant to this section for fiscal years as\nto which the applicable taxable status date has passed may be filed at\nany time after the transfer of title of such property to such\ncorporation or association. The city department of finance shall make a\ndetermination as to the qualification of the property for exemption and\nshall notify the applicant and the city tax commission of the exempt\namount, if any, and the right of the owner to a review of the\ndetermination of the city department of finance by filing an application\nfor correction of assessment. Notwithstanding the foregoing provision,\nan application for exemption shall be deemed to be denied on the\nninetieth day after the submission of such application where the city\ndepartment of finance has not made a determination on such application\nprior to such ninetieth day.\n 4. Notwithstanding any other provision of law to the contrary, where\ndeterminations on such applications for exemption are made after the\nfiling of the tentative assessment roll, the commissioner of finance of\nsuch city is authorized to reduce the amount of taxes accordingly and,\nif such taxes have been paid, to refund or credit the amount of any such\nreduction. An applicant may seek review of a determination on an\napplication for exemption by filing an application for correction of\nassessment in the manner provided in the charter of such city except\nthat where a determination on an application for exemption is made after\nthe filing of the tentative assessment roll, an applicant may seek\nreview of such determination by filing an application for correction of\nassessment within thirty days after notice of such determination is\nmailed to the applicant or, if applicable, within thirty days after the\napplication for exemption is deemed to be denied pursuant to subdivision\nthree of this section.\n 5. Notwithstanding any other provision of law to the contrary, where a\ndetermination on an application for exemption pursuant to this section\nis made after the filing of the tentative assessment roll, a proceeding\nfor review of such assessment pursuant to article seven of this chapter\nshall be commenced within thirty days after notice of the determination\nof the city tax commission is mailed to the applicant.\n