NY S02273

Allows counties, cities, towns, villages, or school districts to adopt a local law permitting nonprofit organizations to claim real property tax exemptions for properties purchased after the taxable status date or tax levy, if the property would have qualified for exemption had title been held on the taxable status date.

Requires nonprofit organizations to file exemption applications with the assessor within timeframes specified by municipal local law, with assessors having 30 days to notify applicants and the board of assessment review of the determined exempt amount.

Establishes a pro rata tax credit mechanism where the exempt amount is multiplied by applicable tax rates and the fraction of the fiscal year remaining after the property transfer to calculate credits due to municipalities.

Requires municipalities receiving pro rata exemption credits to budget appropriations equal to the credit amounts and apply them to reduce taxes owed or reimburse property owners within 30 days after the tax collection warrant expires.

Applies to both situations where nonprofits purchase property after tax levy (paragraph a) and after taxable status date but before tax levy (paragraph b), with different procedural timelines and assessment roll correction mechanisms for each.