This text of New York § 520 (Assessment and taxation of exempt property upon transfer of title) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 520. Assessment and taxation of exempt property upon transfer of\ntitle.
1.Whenever any person, association or corporation not otherwise\nentitled to an exemption from taxation acquires title to real property\nwhich is exempt, in whole or in part, from taxation, such property shall\nbe immediately subject to taxation and shall be taxed pro rata for the\nunexpired portion of any fiscal year during which said transfer of title\noccurred, and shall be liable in full for taxes in any fiscal year\ncommencing subsequent to the date of transfer, as provided in this\nsection.\n 2. If within the fiscal year during which a transfer of title occurs\nor within the next succeeding fiscal year, an assessor is made aware of\nthe fact that title to real property receiving a total or partial\nexempti
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§ 520. Assessment and taxation of exempt property upon transfer of\ntitle. 1. Whenever any person, association or corporation not otherwise\nentitled to an exemption from taxation acquires title to real property\nwhich is exempt, in whole or in part, from taxation, such property shall\nbe immediately subject to taxation and shall be taxed pro rata for the\nunexpired portion of any fiscal year during which said transfer of title\noccurred, and shall be liable in full for taxes in any fiscal year\ncommencing subsequent to the date of transfer, as provided in this\nsection.\n 2. If within the fiscal year during which a transfer of title occurs\nor within the next succeeding fiscal year, an assessor is made aware of\nthe fact that title to real property receiving a total or partial\nexemption from taxation has been transferred to a person, corporation or\nassociation not otherwise entitled to an exemption from taxation, he or\nshe shall forthwith assess such property at its value as of the date of\ntransfer, shall, where appropriate for purposes of article eighteen or\nnineteen of this chapter, reclassify the property, and shall notify the\nnew owner of the assessment and of the right of that owner to a review\nof the assessment and reclassification, if appropriate, as provided by\ntitle three of article five of this chapter.\n 3. For purposes of any fiscal year or years during which title to such\nproperty is transferred, such property shall be deemed to have been\nomitted and the assessed value thereof shall be entered on the\nassessment roll to be used for the next tax levy by or for each\nmunicipal corporation in which such property is located in the same\nmanner as provided by title three of article five of this chapter with\nrespect to a parcel omitted from the assessment roll of the previous\nyear. A pro rata tax shall be extended against the property for the\nunexpired portion of each fiscal year. Such real property shall be taxed\nat the tax rate or tax rates for the fiscal year during which the\ntransfer occurred. The amount of tax or taxes levied pursuant to this\nsubdivision shall be deducted from the aggregate amount of taxes to be\nlevied for the fiscal year immediately succeeding the fiscal year during\nwhich the transfer occurred.\n 4. For purposes of any fiscal year commencing on or after the date on\nwhich title to such property is transferred, if the assessor receives\nnotice of such transfer prior to the levy of taxes for said fiscal year,\nthe assessed value of such property shall be entered on the assessment\nroll to be used for the levy of taxes for said fiscal year in the same\nmanner as provided by title three of article five of this chapter with\nrespect to a parcel of property omitted from the assessment roll. If the\nassessor fails to receive notice of such transfer until after the levy\nof taxes for said fiscal year or for any reason fails to add such\nproperty to the assessment roll as provided by this subdivision, the\nproperty shall be deemed to have been omitted and shall be assessed as\nprovided in subdivision three of this section and shall be liable in\nfull for the taxes levied for said fiscal year.\n 5. The provisions of this section shall not apply when the transferred\nproperty is receiving only the school tax relief (STAR) exemption\nauthorized by section four hundred twenty-five of this chapter, and no\nother exemption. If the property is receiving the STAR exemption and one\nor more other exemptions, the provisions of this section shall apply\nonly to the extent that the property is receiving such other exemption\nor exemptions.\n