2023 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.