Section 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.