NY A01647

Allows counties, cities, towns, villages, and school districts to adopt local laws permitting nonprofit organizations to apply for tax exemptions on property purchased after the taxable status date or after taxes are levied, if the municipality opts in.

Nonprofit organizations purchasing property after tax levy may file exemption applications with assessors, who must determine within 30 days whether the property would have qualified for exempt status had title been held on the taxable status date.

Establishes a pro rata exemption credit system calculating tax relief based on the fraction of the fiscal year remaining after property transfer, with credits applied to reduce future taxes owed or paid as refunds if credits exceed taxes due.

Creates a dispute resolution process allowing applicants to challenge assessor determinations through the board of assessment review with hearings scheduled within 30 days and rights to further judicial review under article seven of the real property tax law.

Applies the same exemption framework to both section 420-a (nonprofit organizations) and section 420-b (religious, educational, and charitable organizations), with the act taking effect 90 days after enactment.