NY A06392

Amends real property tax law to allow nonprofit organizations to claim tax exemptions on property purchased after the taxable status date or after tax levy, if the local municipality adopts a local law, ordinance, or resolution permitting such exemptions.

Requires nonprofit organizations to file exemption applications with the assessor within timeframes specified by the municipality (no later than 30 days after transfer of title for pre-levy purchases, or within a municipal-specified deadline for post-levy purchases).

Establishes a pro rata tax credit calculation for properties purchased after tax levy, multiplying the applicable tax rate by the exempt amount by the fraction of the fiscal year remaining after the property transfer.

Requires municipalities to budget appropriations equal to the aggregate pro rata exemption credits and apply them to reduce taxes owed, with any excess credits paid to the property owner within 30 days of warrant expiration.

Applies the same exemption provisions to both section 420-a and section 420-b of the real property tax law, and takes effect 90 days after becoming law.