NY A07221

Allows counties, cities, towns, villages, and school districts to adopt local laws permitting nonprofit organizations to apply for real property tax exemptions after purchasing property beyond the taxable status date, if the organization files an application with the assessor

Creates two pathways for nonprofit exemption applications: one for properties purchased after tax levy (with pro rata credit calculations) and one for properties purchased after taxable status date but before tax levy (with full exemption entry on assessment rolls)

Requires assessors to determine within thirty days whether purchased property would have qualified for exempt status had the nonprofit owned it on the applicable taxable status date, with appeal rights to the Board of Assessment Review

Establishes pro rata tax credit calculations based on the tax rate and the fraction of the fiscal year remaining after property transfer, with municipal corporations required to budget for and apply these credits in the following fiscal year

Takes effect ninety days after becoming law, with identical provisions applied to both section 420-a and 420-b of the real property tax law