§ 496 — Voluntary renunciation of an exemption

§ 496. Voluntary renunciation of an exemption. 1. A property owner who\nwishes to give up his or her claim to an exemption on one or more\npreceding assessment rolls may renounce the exemption in the manner\nprovided by this section.\n 2. An application to renounce an exemption shall be made on a form\nprescribed by the commissioner and shall be filed with the county\ndirector of real property tax services no later than ten years after the\nlevy of taxes upon the assessment roll on which the renounced exemption\nappears. The county director, after consulting with the assessor as\nappropriate, shall compute the total amount owed on account of the\nrenounced exemption as follows:\n (a) For each assessment roll on which the renounced exemption appears,\nthe assessed value that was exempted shall be multiplied by the tax rate\nor rates that were applied to that assessment roll, or in the case of a\nrenounced STAR exemption, the tax savings calculated pursuant to\nsubdivision two of section thirteen hundred six-a of this chapter.\nInterest shall then be added to each such product at the rate prescribed\nby section nine hundred twenty-four-a of this chapter or such other law\nas may be applicable for each month or portion thereon since the levy of\ntaxes upon such assessment roll.\n (b) The sum of the calculations made pursuant to paragraph (a) of this\nsubdivision with respect to all of the assessment rolls in question\nshall be determined.\n (c) A processing fee of five hundred dollars shall be added to the sum\ndetermined pursuant to paragraph (b) of this subdivision, unless the\nprovisions of paragraph (d) of this subdivision are applicable.\n (d) If the applicant is renouncing a STAR exemption in order to\nqualify for the personal income tax credit authorized by subsection\n(eee) of section six hundred six of the tax law, and no other exemptions\nare being renounced on the same application, or if the applicant is\nrenouncing a STAR exemption before school taxes have been levied on the\nassessment roll upon which that exemption appears, no processing fee\nshall be applicable.\n 3. After computing the total amount due on account of the renounced\nexemption, the county director shall return the form to the applicant\nwith the total amount due noted thereon. A copy of such form shall be\nprovided to the assessor, and in the case of the STAR exemption, to the\ncommissioner. Within fifteen days after the mailing of such form, the\napplicant shall pay the total amount due as shown thereon to the county\ntreasurer, who shall issue a receipt for such payment. After deducting\nthe processing fee, the county treasurer shall distribute the amount\ncollected among the affected municipal corporations according to the\ntaxes and interest owing to each, provided that in the case of the STAR\nexemption authorized by section four hundred twenty-five of this\narticle, the amount collected, including interest, shall be paid to the\nstate in the manner directed by the commissioner.\n 4. Notwithstanding the foregoing provisions of this section, in a city\nwith a population of one million or more, an exemption may be renounced\non a form prescribed by the commissioner of finance, and the duties\nimposed by this section upon the county treasurer shall be performed by\nthe commissioner of finance.\n