N.Y.
Real Property Tax Law Section 496
Voluntary renunciation of an exemption
1.
A property owner who wishes to give up his or her claim to an exemption on one or more preceding assessment rolls may renounce the exemption in the manner provided by this section.2.
An application to renounce an exemption shall be made on a form prescribed by the commissioner and shall be filed with the county director of real property tax services no later than ten years after the levy of taxes upon the assessment roll on which the renounced exemption appears. The county director, after consulting with the assessor as appropriate, shall compute the total amount owed on account of the renounced exemption as follows:(a)
For each assessment roll on which the renounced exemption appears, the assessed value that was exempted shall be multiplied by the tax rate or rates that were applied to that assessment roll, or in the case of a renounced STAR exemption, the tax savings calculated pursuant to subdivision two of § 1306-A (Effect of school tax relief (STAR) exemption upon school district taxes)section thirteen hundred six-a of this chapter. Interest shall then be added to each such product at the rate prescribed by § 924-A (Interest rate on late payment of taxes and delinquencies)section nine hundred twenty-four-a of this chapter or such other law as may be applicable for each month or portion thereon since the levy of taxes upon such assessment roll.(b)
The sum of the calculations made pursuant to paragraph (a) of this subdivision with respect to all of the assessment rolls in question shall be determined.(c)
A processing fee of five hundred dollars shall be added to the sum determined pursuant to paragraph (b) of this subdivision, unless the provisions of paragraph (d) of this subdivision are applicable.(d)
If the applicant is renouncing a STAR exemption in order to qualify for the personal income tax credit authorized by subsection (eee) of Tax Law § 606 (Credits against tax)section six hundred six of the tax law, and no other exemptions are being renounced on the same application, or if the applicant is renouncing a STAR exemption before school taxes have been levied on the assessment roll upon which that exemption appears, no processing fee shall be applicable.3.
After computing the total amount due on account of the renounced exemption, the county director shall return the form to the applicant with the total amount due noted thereon. A copy of such form shall be provided to the assessor, and in the case of the STAR exemption, to the commissioner. Within fifteen days after the mailing of such form, the applicant shall pay the total amount due as shown thereon to the county treasurer, who shall issue a receipt for such payment. After deducting the processing fee, the county treasurer shall distribute the amount collected among the affected municipal corporations according to the taxes and interest owing to each, provided that in the case of the STAR exemption authorized by § 425 (School tax relief (STAR) exemption)section four hundred twenty-five of this article, the amount collected, including interest, shall be paid to the state in the manner directed by the commissioner.4.
Notwithstanding the foregoing provisions of this section, in a city with a population of one million or more, an exemption may be renounced on a form prescribed by the commissioner of finance, and the duties imposed by this section upon the county treasurer shall be performed by the commissioner of finance.
Source:
Section 496 — Voluntary renunciation of an exemption, https://www.nysenate.gov/legislation/laws/RPT/496 (updated Apr. 19, 2019; accessed Oct. 26, 2024).
