§ 520. Assessment and taxation of exempt property upon transfer of
title. 1. Whenever any person, association or corporation not otherwise
entitled to an exemption from taxation acquires title to real property
which is exempt, in whole or in part, from taxation, such property shall
be immediately subject to taxation and shall be taxed pro rata for the
unexpired portion of any fiscal year during which said transfer of title
occurred, and shall be liable in full for taxes in any fiscal year
commencing subsequent to the date of transfer, as provided in this
section.

2. If within the fiscal year during which a transfer of title occurs
or within the next succeeding fiscal year, an assessor is made aware of
the fact that title to real property receiving a total or partial
exemption from taxation has been transferred to a person, corporation or
association not otherwise entitled to an exemption from taxation, he or
she shall forthwith assess such property at its value as of the date of
transfer, shall, where appropriate for purposes of article eighteen or
nineteen of this chapter, reclassify the property, and shall notify the
new owner of the assessment and of the right of that owner to a review
of the assessment and reclassification, if appropriate, as provided by
title three of article five of this chapter.

3. For purposes of any fiscal year or years during which title to such
property is transferred, such property shall be deemed to have been
omitted and the assessed value thereof shall be entered on the
assessment roll to be used for the next tax levy by or for each
municipal corporation in which such property is located in the same
manner as provided by title three of article five of this chapter with
respect to a parcel omitted from the assessment roll of the previous
year. A pro rata tax shall be extended against the property for the
unexpired portion of each fiscal year. Such real property shall be taxed
at the tax rate or tax rates for the fiscal year during which the
transfer occurred. The amount of tax or taxes levied pursuant to this
subdivision shall be deducted from the aggregate amount of taxes to be
levied for the fiscal year immediately succeeding the fiscal year during
which the transfer occurred.

4. For purposes of any fiscal year commencing on or after the date on
which title to such property is transferred, if the assessor receives
notice of such transfer prior to the levy of taxes for said fiscal year,
the assessed value of such property shall be entered on the assessment
roll to be used for the levy of taxes for said fiscal year in the same
manner as provided by title three of article five of this chapter with
respect to a parcel of property omitted from the assessment roll. If the
assessor fails to receive notice of such transfer until after the levy
of taxes for said fiscal year or for any reason fails to add such
property to the assessment roll as provided by this subdivision, the
property shall be deemed to have been omitted and shall be assessed as
provided in subdivision three of this section and shall be liable in
full for the taxes levied for said fiscal year.

5. The provisions of this section shall not apply when the transferred
property is receiving only the school tax relief (STAR) exemption
authorized by section four hundred twenty-five of this chapter, and no
other exemption. If the property is receiving the STAR exemption and one
or more other exemptions, the provisions of this section shall apply
only to the extent that the property is receiving such other exemption
or exemptions.