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

§ 494-a. Exemption from taxation of property upon transfer of title 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 corporation or association entitled to exemption from   taxation pursuant to paragraph (a) of subdivision one  of  section  four   hundred  twenty-a  or  paragraph  (a) of subdivision one of section four   hundred twenty-b of this chapter, or any local law adopted  pursuant  to   such  provisions, acquires title to real property that is not exempt, in   whole or in part from taxation, such property  shall,  if  it  otherwise   qualifies  for  exemption  pursuant  to  such provisions, be immediately   subject to exemption upon the date of transfer of title of such property   to such corporation or association.3. Notwithstanding  any  other  provision  of  law  to  the  contrary,   applications  for exemption pursuant to this section for fiscal years as   to which the applicable taxable status date has passed may be  filed  at   any  time  after  the  transfer  of  title  of  such  property  to  such   corporation or association. The city department of finance shall make  a   determination  as to the qualification of the property for exemption and   shall notify the applicant and the city tax  commission  of  the  exempt   amount,  if  any,  and  the  right  of  the  owner  to  a  review of the   determination of the city department of finance by filing an application   for correction of assessment. Notwithstanding the  foregoing  provision,   an  application  for  exemption  shall  be  deemed  to  be denied on the   ninetieth day after the submission of such application  where  the  city   department  of  finance has not made a determination on such application   prior to such ninetieth day.4. Notwithstanding any other provision of law to the  contrary,  where   determinations  on  such  applications  for exemption are made after the   filing of the tentative assessment roll, the commissioner of finance  of   such  city  is authorized to reduce the amount of taxes accordingly and,   if such taxes have been paid, to refund or credit the amount of any such   reduction. An applicant  may  seek  review  of  a  determination  on  an   application  for  exemption  by  filing an application for correction of   assessment in the manner provided in the charter  of  such  city  except   that where a determination on an application for exemption is made after   the  filing  of  the  tentative  assessment  roll, an applicant may seek   review of such determination by filing an application for correction  of   assessment  within  thirty  days  after  notice of such determination is   mailed to the applicant or, if applicable, within thirty days after  the   application for exemption is deemed to be denied pursuant to subdivision   three of this section.5. Notwithstanding any other provision of law to the contrary, where a   determination  on  an application for exemption pursuant to this section   is made after the filing of the tentative assessment roll, a  proceeding   for  review of such assessment pursuant to article seven of this chapter   shall be commenced within thirty days after notice of the  determination   of the city tax commission is mailed to the applicant.