NY S01172

Authorizes the assessor of Schenectady to accept a late application for real property tax exemption from Union Graduate College under section 420-a of the real property tax law for the 2008 assessment roll.

Applies to the not-for-profit organization's parcel located at 80 Nott Terrace, Schenectady (section 39.73, block 2, lot 2).

Permits the assessor, with city council approval, to grant the exemption if Union Graduate College would have qualified had it filed timely, and to correct the 2008 assessment roll accordingly.

Allows the city to refund any taxes already paid by the organization and cancel any remaining unpaid taxes, fines, penalties, or interest at the governing body's discretion.

Takes effect immediately upon enactment.