NY Real Prop Tax L § 520 (2021)
2021 New York Laws RPT - Real Property Tax Article 5 - Assessment Procedure Title 1 - General Provisions 520 - Assessment and Taxation of Exempt Property Upon Transfer of Title.

§  520.  Assessment  and  taxation of exempt property upon transfer of   title. 1. Whenever any person, association or corporation not  otherwise   entitled  to  an exemption from taxation acquires title to real property   which is exempt, in whole or in part, from taxation, such property shall   be immediately subject to taxation and shall be taxed pro rata  for  the   unexpired portion of any fiscal year during which said transfer of title   occurred,  and  shall  be  liable  in  full for taxes in any fiscal year   commencing subsequent to the date  of  transfer,  as  provided  in  this   section.2.  If  within the fiscal year during which a transfer of title occurs   or within the next succeeding fiscal year, an assessor is made aware  of   the  fact  that  title  to  real  property  receiving a total or partial   exemption from taxation has been transferred to a person, corporation or   association not otherwise entitled to an exemption from taxation, he  or   she  shall forthwith assess such property at its value as of the date of   transfer, shall, where appropriate for purposes of article  eighteen  or   nineteen  of this chapter, reclassify the property, and shall notify the   new owner of the assessment and of the right of that owner to  a  review   of  the  assessment and reclassification, if appropriate, as provided by   title three of article five of this chapter.3. For purposes of any fiscal year or years during which title to such   property is transferred, such property shall  be  deemed  to  have  been   omitted  and  the  assessed  value  thereof  shall  be  entered  on  the   assessment roll to be used  for  the  next  tax  levy  by  or  for  each   municipal  corporation  in  which  such  property is located in the same   manner as provided by title three of article five of this  chapter  with   respect  to  a  parcel  omitted from the assessment roll of the previous   year. A pro rata tax shall be extended  against  the  property  for  the   unexpired portion of each fiscal year. Such real property shall be taxed   at  the  tax  rate  or  tax  rates  for the fiscal year during which the   transfer occurred. The amount of tax or taxes levied  pursuant  to  this   subdivision  shall  be deducted from the aggregate amount of taxes to be   levied for the fiscal year immediately succeeding the fiscal year during   which the transfer occurred.4. For purposes of any fiscal year commencing on or after the date  on   which  title  to  such property is transferred, if the assessor receives   notice of such transfer prior to the levy of taxes for said fiscal year,   the assessed value of such property shall be entered on  the  assessment   roll  to  be used for the levy of taxes for said fiscal year in the same   manner as provided by title three of article five of this  chapter  with   respect to a parcel of property omitted from the assessment roll. If the   assessor  fails  to receive notice of such transfer until after the levy   of taxes for said fiscal year or  for  any  reason  fails  to  add  such   property  to  the  assessment  roll as provided by this subdivision, the   property shall be deemed to have been omitted and shall be  assessed  as   provided  in  subdivision  three  of this section and shall be liable in   full for the taxes levied for said fiscal year.5. The provisions of this section shall not apply when the transferred   property is receiving  only  the  school  tax  relief  (STAR)  exemption   authorized  by  section four hundred twenty-five of this chapter, and no   other exemption. If the property is receiving the STAR exemption and one   or more other exemptions, the provisions of  this  section  shall  apply   only  to  the extent that the property is receiving such other exemption   or exemptions.