S T A T E O F N E W Y O R K
________________________________________________________________________
3889
2009-2010 Regular Sessions
I N A S S E M B L Y
January 28, 2009
___________
Introduced by M. of A. ESPAILLAT, CARROZZA, PHEFFER, ENGLEBRIGHT,
STIRPE, MAGNARELLI, BRADLEY, GORDON -- Multi-Sponsored by -- M. of A.
ALFANO, EDDINGTON, GALEF, LATIMER, McENENY, REILLY, SWEENEY -- read
once and referred to the Committee on Veterans' Affairs
AN ACT to amend the real property tax law, in relation to granting real
property tax exemption to veterans who purchase real property after
the taxable status date
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 458 of the real property tax law is amended by
adding a new subdivision 10 to read as follows:
10. (A) (I) NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION ONE OF THIS
SECTION, THE GOVERNING BOARD OF ANY MUNICIPALITY MAY, AFTER PUBLIC HEAR-
ING, ADOPT A LOCAL LAW, ORDINANCE OR RESOLUTION PROVIDING THAT WHERE A
PERSON WHO MEETS THE REQUIREMENTS FOR AN EXEMPTION PURSUANT TO THIS
SECTION, PURCHASES PROPERTY AFTER THE LEVY OF TAXES, SUCH PERSON MAY
FILE AN APPLICATION FOR EXEMPTION TO THE ASSESSOR WITHIN THIRTY DAYS OF
THE TRANSFER OF TITLE TO SUCH PERSON. THE ASSESSOR SHALL MAKE A DETERMI-
NATION OF WHETHER THE PARCEL WOULD HAVE QUALIFIED FOR EXEMPT STATUS ON
THE TAX ROLL ON WHICH THE TAXES WERE LEVIED, HAD TITLE TO THE PARCEL
BEEN IN THE NAME OF THE APPLICANT ON THE TAXABLE STATUS DATE APPLICABLE
TO THE TAX ROLL. THE APPLICATION SHALL BE ON A FORM PRESCRIBED BY THE
STATE BOARD. THE ASSESSOR, NO LATER THAN THIRTY DAYS AFTER RECEIPT OF
SUCH APPLICATION, SHALL NOTIFY BOTH THE APPLICANT AND THE BOARD OF
ASSESSMENT REVIEW, BY FIRST CLASS MAIL, OF THE EXEMPT AMOUNT, IF ANY,
AND THE RIGHT OF THE OWNER TO A REVIEW OF THE EXEMPT AMOUNT UPON THE
FILING OF A WRITTEN COMPLAINT. SUCH COMPLAINT SHALL BE ON A FORM
PRESCRIBED BY THE STATE BOARD AND SHALL BE FILED WITH THE BOARD OF
ASSESSMENT REVIEW WITHIN TWENTY DAYS OF THE MAILING OF THIS NOTICE. IF
NO COMPLAINT IS RECEIVED, THE BOARD OF ASSESSMENT REVIEW SHALL SO NOTIFY
THE ASSESSOR AND THE EXEMPT AMOUNT DETERMINED BY THE ASSESSOR SHALL BE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07302-01-9
A. 3889 2
FINAL. IF THE APPLICANT FILES A COMPLAINT, THE BOARD OF ASSESSMENT
REVIEW SHALL SCHEDULE A TIME AND PLACE FOR A HEARING WITH RESPECT THERE-
TO NO LATER THAN THIRTY DAYS AFTER THE MAILING OF THE NOTICE BY THE
ASSESSOR. THE BOARD OF ASSESSMENT REVIEW SHALL MEET AND DETERMINE THE
EXEMPT AMOUNT, AND SHALL IMMEDIATELY NOTIFY THE ASSESSOR AND THE APPLI-
CANT, BY FIRST CLASS MAIL, OF ITS DETERMINATION. THE AMOUNT OF EXEMPTION
DETERMINED PURSUANT TO THIS PARAGRAPH SHALL BE SUBJECT TO REVIEW AS
PROVIDED IN ARTICLE SEVEN OF THIS CHAPTER. SUCH A PROCEEDING SHALL BE
COMMENCED WITHIN THIRTY DAYS OF THE MAILING OF THE NOTICE OF THE BOARD
OF ASSESSMENT REVIEW TO THE NEW OWNER AS PROVIDED IN THIS PARAGRAPH.
(II) UPON RECEIPT OF A DETERMINATION OF EXEMPT AMOUNT AS PROVIDED IN
SUBPARAGRAPH (I) OF THIS PARAGRAPH, THE ASSESSOR SHALL DETERMINE THE PRO
RATA EXEMPTION TO BE CREDITED TOWARD SUCH PROPERTY BY MULTIPLYING THE
TAX RATE OR TAX RATES FOR EACH MUNICIPAL CORPORATION WHICH LEVIED TAXES,
OR FOR WHICH TAXES WERE LEVIED, ON THE APPROPRIATE TAX ROLL USED FOR THE
FISCAL YEAR OR YEARS DURING WHICH THE TRANSFER OCCURRED TIMES THE EXEMPT
AMOUNT, AS DETERMINED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH, TIMES THE
FRACTION OF EACH FISCAL YEAR OR YEARS REMAINING SUBSEQUENT TO THE TRANS-
FER OF TITLE. THE ASSESSOR SHALL IMMEDIATELY TRANSMIT A STATEMENT OF
THE PRO RATA EXEMPTION CREDIT DUE TO EACH MUNICIPAL CORPORATION WHICH
LEVIED TAXES OR FOR WHICH TAXES WERE LEVIED ON THE TAX ROLL USED FOR THE
FISCAL YEAR OR YEARS DURING WHICH THE TRANSFER OCCURRED AND TO THE
APPLICANT.
(III) EACH MUNICIPAL CORPORATION WHICH RECEIVES NOTICE OF PRO RATA
EXEMPTION CREDITS PURSUANT TO THIS SUBDIVISION SHALL INCLUDE AN APPRO-
PRIATION IN ITS BUDGET FOR THE NEXT FISCAL YEAR EQUAL TO THE AGGREGATE
AMOUNT OF SUCH CREDITS TO BE APPLIED IN THAT FISCAL YEAR. WHERE A
PARCEL, THE OWNER OF WHICH IS ENTITLED TO A PRO RATA EXEMPTION CREDIT,
IS SUBJECT TO TAXATION IN SAID NEXT FISCAL YEAR, THE RECEIVER OR COLLEC-
TOR SHALL APPLY THE CREDIT TO REDUCE THE AMOUNT OF TAXES OWED FOR THE
PARCEL IN SUCH FISCAL YEAR. PRO RATA EXEMPTION CREDITS IN EXCESS OF THE
AMOUNT OF TAXES, IF ANY, OWED FOR THE PARCEL SHALL BE PAID BY THE TREAS-
URER OF A MUNICIPAL CORPORATION WHICH LEVIES SUCH TAXES FOR OR ON BEHALF
OF THE MUNICIPAL CORPORATION TO ALL OWNERS OF PROPERTY ENTITLED TO SUCH
CREDITS WITHIN THIRTY DAYS OF THE EXPIRATION OF THE WARRANT TO COLLECT
TAXES IN SAID NEXT FISCAL YEAR.
(B) (I) NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION ONE OF THIS
SECTION, THE GOVERNING BOARD OF ANY MUNICIPALITY MAY, AFTER PUBLIC HEAR-
ING, ADOPT A LOCAL LAW, ORDINANCE OR RESOLUTION PROVIDING THAT WHERE A
PERSON WHO MEETS THE REQUIREMENTS FOR AN EXEMPTION PURSUANT TO THIS
SECTION, PURCHASES PROPERTY AFTER THE TAXABLE STATUS DATE BUT PRIOR TO
THE LEVY OF TAXES, SUCH PERSON MAY FILE AN APPLICATION FOR AN EXEMPTION
TO THE ASSESSOR WITHIN THIRTY DAYS OF THE TRANSFER OF TITLE TO SUCH
PERSON. THE ASSESSOR SHALL MAKE A DETERMINATION WITHIN THIRTY DAYS AFTER
RECEIPT OF SUCH APPLICATION OF WHETHER THE APPLICANT WOULD QUALIFY FOR
AN EXEMPTION PURSUANT TO THIS SECTION ON THE ASSESSMENT ROLL IF TITLE
HAD BEEN IN THE NAME OF THE APPLICANT ON THE TAXABLE STATUS DATE APPLI-
CABLE TO SUCH ASSESSMENT ROLL. THE APPLICATION SHALL BE MADE ON A FORM
PRESCRIBED BY THE STATE BOARD.
(II) IF THE ASSESSOR'S DETERMINATION IS MADE PRIOR TO THE FILING OF
THE TENTATIVE ASSESSMENT ROLL, THE ASSESSOR SHALL ENTER THE EXEMPT
AMOUNT, IF ANY, ON THE TENTATIVE ASSESSMENT ROLL AND, WITHIN TEN DAYS
AFTER FILING SUCH ROLL, NOTIFY THE APPLICANT OF THE APPROVAL OR DENIAL
OF SUCH EXEMPTION, THE EXEMPT AMOUNT, IF ANY, AND THE APPLICANT'S RIGHT
TO REVIEW BY THE BOARD OF ASSESSMENT REVIEW.
A. 3889 3
(III) IF THE ASSESSOR'S DETERMINATION IS MADE AFTER THE FILING OF THE
TENTATIVE ASSESSMENT ROLL, THE ASSESSOR SHALL PETITION THE BOARD OF
ASSESSMENT REVIEW TO CORRECT THE TENTATIVE OR FINAL ASSESSMENT ROLL IN
THE MANNER PROVIDED IN TITLE THREE OF ARTICLE FIVE OF THIS CHAPTER, WITH
RESPECT TO UNLAWFUL ENTRIES, IN THE CASE OF WHOLLY EXEMPT PARCELS, AND
WITH RESPECT OF CLERICAL ERRORS, IN THE CASE OF PARTIALLY EXEMPT
PARCELS, IF THE ASSESSOR DETERMINES THAT AN EXEMPTION SHOULD BE GRANTED
AND, WITHIN TEN DAYS OF PETITIONING THE BOARD OF ASSESSMENT REVIEW,
NOTIFY THE APPLICANT OF THE APPROVAL OR DENIAL OF SUCH EXEMPTION, THE
AMOUNT OF SUCH EXEMPTION, IF ANY, AND THE APPLICANT'S RIGHT TO ADMINIS-
TRATIVE OR JUDICIAL REVIEW OF SUCH DETERMINATION PURSUANT TO ARTICLE
FIVE OR SEVEN OF THIS CHAPTER, RESPECTIVELY.
(C) IF, FOR ANY REASON, A DETERMINATION TO EXEMPT PROPERTY FROM TAXA-
TION AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION IS NOT ENTERED ON
THE FINAL ASSESSMENT ROLL, THE ASSESSOR SHALL PETITION THE BOARD OF
ASSESSMENT REVIEW TO CORRECT THE FINAL ASSESSMENT ROLL.
(D) IF, FOR ANY REASON, THE PRO RATA TAX CREDIT AS PROVIDED IN PARA-
GRAPH (A) OF THIS SUBDIVISION IS NOT EXTENDED AGAINST THE TAX ROLL IMME-
DIATELY SUCCEEDING THE FISCAL YEAR DURING WHICH THE TRANSFER OCCURRED,
THE ASSESSOR SHALL IMMEDIATELY NOTIFY THE MUNICIPAL CORPORATION WHICH
LEVIED THE TAX OR FOR WHICH THE TAXES WERE LEVIED OF THE AMOUNT OF PRO
RATA EXEMPTION CREDITS FOR THE YEAR IN WHICH SUCH TRANSFER OCCURRED.
SUCH MUNICIPAL CORPORATION SHALL PROCEED AS PROVIDED IN SUBPARAGRAPH
(III) OF PARAGRAPH (A) OF THIS SUBDIVISION.
(E) IF, FOR ANY REASON, A DETERMINATION TO EXEMPT PROPERTY FROM TAXA-
TION AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION IS NOT ENTERED ON
THE TAX ROLL FOR THE YEAR IMMEDIATELY SUCCEEDING THE FISCAL YEAR DURING
WHICH THE TRANSFER OCCURRED, THE ASSESSOR SHALL DETERMINE THE PRO RATA
TAX EXEMPTION CREDIT FOR SUCH TAX ROLL BY MULTIPLYING THE TAX RATE OR
TAX RATES FOR EACH MUNICIPAL CORPORATION WHICH LEVIED TAXES OR FOR WHICH
TAXES WERE LEVIED TIMES THE EXEMPT AMOUNT AND SHALL IMMEDIATELY NOTIFY
SUCH MUNICIPAL CORPORATION OR CORPORATIONS OF THE PRO RATA EXEMPTION
CREDITS FOR SUCH TAX ROLL. SUCH MUNICIPAL CORPORATION SHALL ADD SUCH PRO
RATA EXEMPTION CREDITS FOR SUCH PROPERTY TO ANY OUTSTANDING PRO RATA
EXEMPTION AMOUNTS AND PROCEED AS PROVIDED IN SUBPARAGRAPH (III) OF PARA-
GRAPH (A) OF THIS SUBDIVISION.
S 2. Section 458-a of the real property tax law is amended by adding a
new subdivision 9 to read as follows:
9. (A) (I) NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION THREE OF THIS
SECTION, THE GOVERNING BOARD OF ANY MUNICIPALITY MAY, AFTER PUBLIC HEAR-
ING, ADOPT A LOCAL LAW, ORDINANCE OR RESOLUTION PROVIDING THAT WHERE A
PERSON WHO MEETS THE REQUIREMENTS FOR AN EXEMPTION PURSUANT TO THIS
SECTION, PURCHASES PROPERTY AFTER THE LEVY OF TAXES, SUCH PERSON MAY
FILE AN APPLICATION FOR EXEMPTION TO THE ASSESSOR WITHIN THIRTY DAYS OF
THE TRANSFER OF TITLE TO SUCH PERSON. THE ASSESSOR SHALL MAKE A DETERMI-
NATION OF WHETHER THE PARCEL WOULD HAVE QUALIFIED FOR EXEMPT STATUS ON
THE TAX ROLL ON WHICH THE TAXES WERE LEVIED, HAD TITLE TO THE PARCEL
BEEN IN THE NAME OF THE APPLICANT ON THE TAXABLE STATUS DATE APPLICABLE
TO THE TAX ROLL. THE APPLICATION SHALL BE ON A FORM PRESCRIBED BY THE
STATE BOARD. THE ASSESSOR, NO LATER THAN THIRTY DAYS AFTER RECEIPT OF
SUCH APPLICATION, SHALL NOTIFY BOTH THE APPLICANT AND THE BOARD OF
ASSESSMENT REVIEW, BY FIRST CLASS MAIL, OF THE EXEMPT AMOUNT, IF ANY,
AND THE RIGHT OF THE OWNER TO A REVIEW OF THE EXEMPT AMOUNT UPON THE
FILING OF A WRITTEN COMPLAINT. SUCH COMPLAINT SHALL BE ON A FORM
PRESCRIBED BY THE STATE BOARD AND SHALL BE FILED WITH THE BOARD OF
ASSESSMENT REVIEW WITHIN TWENTY DAYS OF THE MAILING OF THIS NOTICE. IF
A. 3889 4
NO COMPLAINT IS RECEIVED, THE BOARD OF ASSESSMENT REVIEW SHALL SO NOTIFY
THE ASSESSOR AND THE EXEMPT AMOUNT DETERMINED BY THE ASSESSOR SHALL BE
FINAL. IF THE APPLICANT FILES A COMPLAINT, THE BOARD OF ASSESSMENT
REVIEW SHALL SCHEDULE A TIME AND PLACE FOR A HEARING WITH RESPECT THERE-
TO NO LATER THAN THIRTY DAYS AFTER THE MAILING OF THE NOTICE BY THE
ASSESSOR. THE BOARD OF ASSESSMENT REVIEW SHALL MEET AND DETERMINE THE
EXEMPT AMOUNT, AND SHALL IMMEDIATELY NOTIFY THE ASSESSOR AND THE APPLI-
CANT, BY FIRST CLASS MAIL, OF ITS DETERMINATION. THE AMOUNT OF EXEMPTION
DETERMINED PURSUANT TO THIS PARAGRAPH SHALL BE SUBJECT TO REVIEW AS
PROVIDED IN ARTICLE SEVEN OF THIS CHAPTER. SUCH A PROCEEDING SHALL BE
COMMENCED WITHIN THIRTY DAYS OF THE MAILING OF THE NOTICE OF THE BOARD
OF ASSESSMENT REVIEW TO THE NEW OWNER AS PROVIDED IN THIS PARAGRAPH.
(II) UPON RECEIPT OF A DETERMINATION OF EXEMPT AMOUNT AS PROVIDED IN
SUBPARAGRAPH (I) OF THIS PARAGRAPH, THE ASSESSOR SHALL DETERMINE THE PRO
RATA EXEMPTION TO BE CREDITED TOWARD SUCH PROPERTY BY MULTIPLYING THE
TAX RATE OR TAX RATES FOR EACH MUNICIPAL CORPORATION WHICH LEVIED TAXES,
OR FOR WHICH TAXES WERE LEVIED, ON THE APPROPRIATE TAX ROLL USED FOR THE
FISCAL YEAR OR YEARS DURING WHICH THE TRANSFER OCCURRED TIMES THE EXEMPT
AMOUNT, AS DETERMINED IN SUBPARAGRAPH (I) OF THIS PARAGRAPH, TIMES THE
FRACTION OF EACH FISCAL YEAR OR YEARS REMAINING SUBSEQUENT TO THE TRANS-
FER OF TITLE. THE ASSESSOR SHALL IMMEDIATELY TRANSMIT A STATEMENT OF
THE PRO RATA EXEMPTION CREDIT DUE TO EACH MUNICIPAL CORPORATION WHICH
LEVIED TAXES OR FOR WHICH TAXES WERE LEVIED ON THE TAX ROLL USED FOR THE
FISCAL YEAR OR YEARS DURING WHICH THE TRANSFER OCCURRED AND TO THE
APPLICANT.
(III) EACH MUNICIPAL CORPORATION WHICH RECEIVES NOTICE OF PRO RATA
EXEMPTION CREDITS PURSUANT TO THIS SUBDIVISION SHALL INCLUDE AN APPRO-
PRIATION IN ITS BUDGET FOR THE NEXT FISCAL YEAR EQUAL TO THE AGGREGATE
AMOUNT OF SUCH CREDITS TO BE APPLIED IN THAT FISCAL YEAR. WHERE A
PARCEL, THE OWNER OF WHICH IS ENTITLED TO A PRO RATA EXEMPTION CREDIT,
IS SUBJECT TO TAXATION IN SAID NEXT FISCAL YEAR, THE RECEIVER OR COLLEC-
TOR SHALL APPLY THE CREDIT TO REDUCE THE AMOUNT OF TAXES OWED FOR THE
PARCEL IN SUCH FISCAL YEAR. PRO RATA EXEMPTION CREDITS IN EXCESS OF THE
AMOUNT OF TAXES, IF ANY, OWED FOR THE PARCEL SHALL BE PAID BY THE TREAS-
URER OF A MUNICIPAL CORPORATION WHICH LEVIES SUCH TAXES FOR OR ON BEHALF
OF THE MUNICIPAL CORPORATION TO ALL OWNERS OF PROPERTY ENTITLED TO SUCH
CREDITS WITHIN THIRTY DAYS OF THE EXPIRATION OF THE WARRANT TO COLLECT
TAXES IN SAID NEXT FISCAL YEAR.
(B) (I) NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION THREE OF THIS
SECTION, THE GOVERNING BOARD OF ANY MUNICIPALITY MAY, AFTER PUBLIC HEAR-
ING, ADOPT A LOCAL LAW, ORDINANCE OR RESOLUTION PROVIDING THAT WHERE A
PERSON WHO MEETS THE REQUIREMENTS FOR AN EXEMPTION PURSUANT TO THIS
SECTION, PURCHASES PROPERTY AFTER THE TAXABLE STATUS DATE BUT PRIOR TO
THE LEVY OF TAXES, SUCH PERSON MAY FILE AN APPLICATION FOR AN EXEMPTION
TO THE ASSESSOR WITHIN THIRTY DAYS OF THE TRANSFER OF TITLE TO SUCH
PERSON. THE ASSESSOR SHALL MAKE A DETERMINATION WITHIN THIRTY DAYS AFTER
RECEIPT OF SUCH APPLICATION OF WHETHER THE APPLICANT WOULD QUALIFY FOR
AN EXEMPTION PURSUANT TO THIS SECTION ON THE ASSESSMENT ROLL IF TITLE
HAD BEEN IN THE NAME OF THE APPLICANT ON THE TAXABLE STATUS DATE APPLI-
CABLE TO SUCH ASSESSMENT ROLL. THE APPLICATION SHALL BE MADE ON A FORM
PRESCRIBED BY THE STATE BOARD.
(II) IF THE ASSESSOR'S DETERMINATION IS MADE PRIOR TO THE FILING OF
THE TENTATIVE ASSESSMENT ROLL, THE ASSESSOR SHALL ENTER THE EXEMPT
AMOUNT, IF ANY, ON THE TENTATIVE ASSESSMENT ROLL AND, WITHIN TEN DAYS
AFTER FILING SUCH ROLL, NOTIFY THE APPLICANT OF THE APPROVAL OR DENIAL
A. 3889 5
OF SUCH EXEMPTION, THE EXEMPT AMOUNT, IF ANY, AND THE APPLICANT'S RIGHT
TO REVIEW BY THE BOARD OF ASSESSMENT REVIEW.
(III) IF THE ASSESSOR'S DETERMINATION IS MADE AFTER THE FILING OF THE
TENTATIVE ASSESSMENT ROLL, THE ASSESSOR SHALL PETITION THE BOARD OF
ASSESSMENT REVIEW TO CORRECT THE TENTATIVE OR FINAL ASSESSMENT ROLL IN
THE MANNER PROVIDED IN TITLE THREE OF ARTICLE FIVE OF THIS CHAPTER, WITH
RESPECT TO UNLAWFUL ENTRIES, IN THE CASE OF WHOLLY EXEMPT PARCELS, AND
WITH RESPECT OF CLERICAL ERRORS, IN THE CASE OF PARTIALLY EXEMPT
PARCELS, IF THE ASSESSOR DETERMINES THAT AN EXEMPTION SHOULD BE GRANTED
AND, WITHIN TEN DAYS OF PETITIONING THE BOARD OF ASSESSMENT REVIEW,
NOTIFY THE APPLICANT OF THE APPROVAL OR DENIAL OF SUCH EXEMPTION, THE
AMOUNT OF SUCH EXEMPTION, IF ANY, AND THE APPLICANT'S RIGHT TO ADMINIS-
TRATIVE OR JUDICIAL REVIEW OF SUCH DETERMINATION PURSUANT TO ARTICLE
FIVE OR SEVEN OF THIS CHAPTER, RESPECTIVELY.
(C) IF, FOR ANY REASON, A DETERMINATION TO EXEMPT PROPERTY FROM TAXA-
TION AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION IS NOT ENTERED ON
THE FINAL ASSESSMENT ROLL, THE ASSESSOR SHALL PETITION THE BOARD OF
ASSESSMENT REVIEW TO CORRECT THE FINAL ASSESSMENT ROLL.
(D) IF, FOR ANY REASON, THE PRO RATA TAX CREDIT AS PROVIDED IN PARA-
GRAPH (A) OF THIS SUBDIVISION IS NOT EXTENDED AGAINST THE TAX ROLL IMME-
DIATELY SUCCEEDING THE FISCAL YEAR DURING WHICH THE TRANSFER OCCURRED,
THE ASSESSOR SHALL IMMEDIATELY NOTIFY THE MUNICIPAL CORPORATION WHICH
LEVIED THE TAX OR FOR WHICH THE TAXES WERE LEVIED OF THE AMOUNT OF PRO
RATA EXEMPTION CREDITS FOR THE YEAR IN WHICH SUCH TRANSFER OCCURRED.
SUCH MUNICIPAL CORPORATION SHALL PROCEED AS PROVIDED IN SUBPARAGRAPH
(III) OF PARAGRAPH (A) OF THIS SUBDIVISION.
(E) IF, FOR ANY REASON, A DETERMINATION TO EXEMPT PROPERTY FROM TAXA-
TION AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION IS NOT ENTERED ON
THE TAX ROLL FOR THE YEAR IMMEDIATELY SUCCEEDING THE FISCAL YEAR DURING
WHICH THE TRANSFER OCCURRED, THE ASSESSOR SHALL DETERMINE THE PRO RATA
TAX EXEMPTION CREDIT FOR SUCH TAX ROLL BY MULTIPLYING THE TAX RATE OR
TAX RATES FOR EACH MUNICIPAL CORPORATION WHICH LEVIED TAXES OR FOR WHICH
TAXES WERE LEVIED TIMES THE EXEMPT AMOUNT AND SHALL IMMEDIATELY NOTIFY
SUCH MUNICIPAL CORPORATION OR CORPORATIONS OF THE PRO RATA EXEMPTION
CREDITS FOR SUCH TAX ROLL. SUCH MUNICIPAL CORPORATION SHALL ADD SUCH PRO
RATA EXEMPTION CREDITS FOR SUCH PROPERTY TO ANY OUTSTANDING PRO RATA
EXEMPTION AMOUNTS AND PROCEED AS PROVIDED IN SUBPARAGRAPH (III) OF PARA-
GRAPH (A) OF THIS SUBDIVISION.
S 3. This act shall take effect on the sixtieth day after it shall
have become a law.