NY Real Prop Tax L § 494 (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 3 - Miscellaneous Provisions 494 - Taxation of Exempt Property Upon Transfer of Title or Possession in Certain Instances.

§  494.    Taxation  of  exempt  property  upon  transfer  of title or   possession 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 person, association or corporation not entitled to an   exemption  from  taxation  acquires  title  to or possession of property   which is exempt from taxation, such property  shall  immediately  become   subject  to  taxation  and  shall  be  taxed  pro rata for the unexpired   portion of the taxable year.  However, if the United States or the state   of New York, through  the  exercise  of  the  power  of  eminent  domain   acquires  or  shall have acquired temporarily the possession, occupation   or use of real  property  which  was  previously  exempt  from  taxation   pursuant  to former section four of the tax law, such previous exemption   shall be deemed to continue unbroken and to resume from  the  date  when   the  possession shall have been restored to the owner and the previously   exempt use resumed, despite the fact that such property may  be  or  may   have been deemed taxable during the period when the United States or the   state  of  New  York  acquired  or  shall  have  acquired such temporary   possession, occupation or use.3.  If taxes on any such property  become  due  and  payable  for  the   entire  taxable  year  on a single date, and any such change in title or   possession takes place prior to such due date, the pro rata  portion  of   taxes  imposed  upon such property pursuant to this section shall become   due and payable and shall become a lien upon such property upon such due   date, but if such change in title or possession takes place  after  such   due  date,  such  pro rata portion of taxes shall become due and payable   and shall become a lien upon such property on the date when such  change   in  title  or  possession takes place.  If taxes embracing such property   become due and payable on two dates in equal installments, and any  such   change  in  title or possession takes place prior to the earlier of such   due dates, the pro rata portion of the first  installment  shall  become   due and payable and shall become a lien on such property on such earlier   due date, and the entire second installment shall become due and payable   and shall become a lien on such property on the later of such due dates;   if  any  such change in title or possession takes place between such due   dates, the entire pro rata portion of the taxes to which  such  property   is  subject  for  the taxable year pursuant to this section shall become   due and payable and shall become a lien on such property upon such later   due date; if any such transfer of title or possession takes place  after   the later of such due dates, the pro rata portion of taxes to which such   property  is subject for the taxable year pursuant to this section shall   become due and payable and shall become a lien on such property upon the   date of such transfer of title or possession.  If taxes  embracing  such   property  become  due  and  payable  on  more  than  two  dates in equal   installments, and any such change in title  or  possession  takes  place   prior  to the first due date, or between due dates, the pro rata portion   of the first installment or of a subsequent installment affected by such   change, as the case may be, shall  become  due  and  payable  and  shall   become  a  lien  on  such  property  on the due date next following such   change in title or possession,  and  the  remaining  installments  shall   become due and payable and shall become a lien on such property on their   respective  due dates; if any such transfer of title or possession takes   place after the last due date in a taxable year, the pro rata portion of   tax to which such property is subject for the taxable year  pursuant  to   this  section  shall  become  due and payable and shall become a lien on   such property upon the date of such transfer of title or possession.4.  No right granted by this article to  any  person,  association  or   corporation  to lease or otherwise use for income-producing purposes any   property of such person, association or corporation, without terminating    the tax exemption of such  property  in  whole  or  in  part,  shall  be   impaired  or  diminished  by this section, but if any change of title or   possession of any property, shall, by virtue of the provisions  of  this   article,  terminate  the  tax exemption of such property, in whole or in   part, the provisions of this section shall apply  with  full  force  and   effect  to the extent that such property shall cease to be tax exempt by   virtue of the provisions of such article.