RPTL 467

§ 467. Persons sixty-five years of age or over.

    1. (a) Real property owned by one or more persons, each of whom is sixty-five years of age or
over, or real property owned by husband and wife or by siblings, one of
whom is sixty-five years of age or over, or real property owned by one
or more persons, some of whom qualify under this section and the others
of whom qualify under section four hundred fifty-nine-c of this title,
shall be exempt from taxation by any municipal corporation in which
located to the extent of fifty per centum of the assessed valuation
thereof, provided the governing board of such municipality, after public
hearing, adopts a local law, ordinance or resolution providing therefor.
For the purposes of this section, sibling shall mean a brother or a
sister, whether related through half blood, whole blood or adoption. 
         (b) (1) Any local law, ordinance or resolution adopted pursuant to
paragraph (a) of this subdivision may be amended, or a local law,
ordinance or resolution may be adopted, to provide an exemption so as to
increase the maximum income eligibility level of such municipal
corporation as provided in subdivision three of this section
(represented in the hereinbelow schedule as M), to the extent provided
in the following schedule:

ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION

More than (M) but
less than (M+ $1,000) 45 per centum
(M+ $1,000 or more) but
less than (M+ $2,000) 40 per centum
(M+ $2,000 or more) but
less than (M+ $3,000) 35 per centum
(M+ $3,000 or more) but
less than (M+ $3,900) 30 per centum
(M+ $3,900 or more) but
less than (M+ $4,800) 25 per centum
(M+ $4,800 or more) but
less than (M+ $5,700) 20 per centum 
 
            (2) Any local law, ordinance or resolution adopted pursuant to
subparagraph one of this paragraph may be amended, or a local law,
ordinance or resolution may be adopted, to provide an exemption so as to
increase the maximum income eligibility level of such municipal
corporation as provided in subdivision three of this section
(represented in the hereinbelow schedule as M), and as increased as
provided for in such subparagraph one to the extent provided in the
following schedule:

PERCENTAGE ASSESSED VALUATION
ANNUAL INCOME EXEMPT FROM TAXATION

(M+ $5,700 or more) but
less than (M+ $6,600) 15 per centum
(M+ $6,600 or more) but
less than (M+ $7,500) 10 per centum 
 
         (3) Any local law, ordinance or resolution adopted pursuant to
subparagraphs one and two of this paragraph may be amended, or a local
law, ordinance or resolution may be adopted, to provide an exemption so
as to increase the maximum income eligibility level of such municipal
corporation as provided in subdivision three of this section
(represented in the hereinbelow schedule as M), and as increased as
provided for in such subparagraph one to the extent provided in the
following schedule:

ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION

(M+ $7,500 or more)
but less than (M+ $8,400) 5 per centum 
 
         (c) Any exemption provided by this section shall be computed after all
other partial exemptions allowed by law, excluding the school tax relief
(STAR) exemption authorized by section four hundred twenty-five of this
title, have been subtracted from the total amount assessed. 
         (d) The real property tax exemption on real property owned by husband
and wife, one of whom is sixty-five years of age or over, once granted,
shall not be rescinded by any municipal corporation solely because of
the death of the older spouse so long as the surviving spouse is at
least sixty-two years of age. 
     2. Exemption from taxation for school purposes shall not be granted in
the case of real property where a child resides if such child attends a
public school of elementary or secondary education, unless the governing
board of the school district in which the property is located, after
public hearing, adopts a resolution providing for such exemption;
provided that any such resolution shall condition such exemption upon
satisfactory proof that the child was not brought into the residence in
whole or in substantial part for the purpose of attending a particular
school within the district. The procedure for such hearing and
resolution must be conducted separately from the procedure for any
hearing and local law, ordinance or resolution conducted pursuant to
paragraph (a) of subdivision one of this section. 
     3. No exemption shall be granted 
         (a) if the income of the owner or the combined income of the owners of
the property for the income tax year immediately preceding the date of
making application for exemption exceeds the sum of three thousand
dollars, or such other sum not less than three thousand dollars nor more
than twenty-six thousand dollars beginning July first, two thousand six,
twenty-seven thousand dollars beginning July first, two thousand seven,
twenty-eight thousand dollars beginning July first, two thousand eight,
and twenty-nine thousand dollars beginning July first, two thousand
nine, as may be provided by the local law, ordinance or resolution
adopted pursuant to this section. Income tax year shall mean the twelve
month period for which the owner or owners filed a federal personal
income tax return, or if no such return is filed, the calendar year.
Where title is vested in either the husband or the wife, their combined
income may not exceed such sum, except where the husband or wife, or
ex-husband or ex-wife is absent from the property as provided in
subparagraph (ii) of paragraph (d) of this subdivision, then only the
income of the spouse or ex-spouse residing on the property shall be
considered and may not exceed such sum. Such income shall include social
security and retirement benefits, interest, dividends, total gain from
the sale or exchange of a capital asset which may be offset by a loss
from the sale or exchange of a capital asset in the same income tax
year, net rental income, salary or earnings, and net income from
self-employment, but shall not include a return of capital, gifts,
inheritances, payments made to individuals because of their status as
victims of Nazi persecution, as defined in P.L. 103-286 or monies earned
through employment in the federal foster grandparent program and any
such income shall be offset by all medical and prescription drug
expenses actually paid which were not reimbursed or paid for by
insurance, if the governing board of a municipality, after a public
hearing, adopts a local law, ordinance or resolution providing therefor.
The provisions of this paragraph notwithstanding, such income shall not
include veterans disability compensation, as defined in Title 38 of the
United States Code provided the governing board of such municipality,
after public hearing, adopts a local law, ordinance or resolution
providing therefor. In computing net rental income and net income from
self-employment no depreciation deduction shall be allowed for the
exhaustion, wear and tear of real or personal property held for the
production of income; 
         (b) unless the owner shall have held an exemption under this section
for his previous residence or unless the title of the property shall
have been vested in the owner or one of the owners of the property for
at least twelve consecutive months prior to the date of making
application for exemption, provided, however, that in the event of the
death of either a husband or wife in whose name title of the property
shall have been vested at the time of death and then becomes vested
solely in the survivor by virtue of devise by or descent from the
deceased husband or wife, the time of ownership of the property by the
deceased husband or wife shall be deemed also a time of ownership by the
survivor and such ownership shall be deemed continuous for the purposes
of computing such period of twelve consecutive months. In the event of a
transfer by either a husband or wife to the other spouse of all or part
of the title to the property, the time of ownership of the property by
the transferor spouse shall be deemed also a time of ownership by the
transferee spouse and such ownership shall be deemed continuous for the
purposes of computing such period of twelve consecutive months. Where
property of the owner or owners has been acquired to replace property
formerly owned by such owner or owners and taken by eminent domain or
other involuntary proceeding, except a tax sale, the period of ownership
of the former property shall be combined with the period of ownership of
the property for which application is made for exemption and such
periods of ownership shall be deemed to be consecutive for purposes of
this section. Where a residence is sold and replaced with another within
one year and both residences are within the state, the period of
ownership of both properties shall be deemed consecutive for purposes of
the exemption from taxation by a municipality within the state granting
such exemption. Where the owner or owners transfer title to property
which as of the date of transfer was exempt from taxation under the
provisions of this section, the reacquisition of title by such owner or
owners within nine months of the date of transfer shall be deemed to
satisfy the requirement of this paragraph that the title of the property
shall have been vested in the owner or one of the owners for such period
of twelve consecutive months. Where, upon or subsequent to the death of
an owner or owners, title to property which as of the date of such death
was exempt from taxation under such provisions, becomes vested, by
virtue of devise or descent from the deceased owner or owners, or by
transfer by any other means within nine months after such death, solely
in a person or persons who, at the time of such death, maintained such
property as a primary residence, the requirement of this paragraph that
the title of the property shall have been vested in the owner or one of
the owners for such period of twelve consecutive months shall be deemed
satisfied; 
         (c) unless the property is used exclusively for residential purposes,
provided, however, that in the event any portion of such property is not
so used exclusively for residential purposes but is used for other
purposes, such portion shall be subject to taxation and the remaining
portion only shall be entitled to the exemption provided by this
section; 
         (d) unless the real property is the legal residence of and is occupied
in whole or in part by the owner or by all of the owners of the
property: except where, (i) an owner is absent from the residence while
receiving health-related care as an inpatient of a residential health
care facility, as defined in section twenty-eight hundred one of the
public health law, provided that any income accruing to that person
shall only be income only to the extent that it exceeds the amount paid
by such owner, spouse, or co-owner for care in the facility, and
provided further, that during such confinement such property is not
occupied by other than the spouse or co-owner of such owner; or, (ii)
the real property is owned by a husband and/or wife, or an ex-husband
and/or an ex-wife, and either is absent from the residence due to
divorce, legal separation or abandonment and all other provisions of
this section are met provided that where an exemption was previously
granted when both resided on the property, then the person remaining on
the real property shall be sixty-two years of age or over. 
     3-a. (a) For the purposes of this section, title to that portion of
real property owned by a cooperative apartment corporation in which a
tenant-stockholder of such corporation resides and which is represented
by his share or shares of stock in such corporation as determined by its
or their proportional relationship to the total outstanding stock of the
corporation, including that owned by the corporation, shall be deemed to
be vested in such tenant-stockholder. 
             (b) That proportion of the assessment of such real property owned by a
cooperative apartment corporation determined by the relationship of such
real property vested in such tenant-stockholder to such entire parcel
and the buildings thereon owned by such cooperative apartment
corporation in which such tenant-stockholder resides shall be subject to
exemption from taxation pursuant to this section and any exemption so
granted shall be credited by the appropriate taxing authority against
the assessed valuation of such real property; the reduction in real
property taxes realized thereby shall be credited by the cooperative
apartment corporation against the amount of such taxes otherwise payable
by or chargeable to such tenant-stockholder. 
             (c) Real property may be exempt from taxation pursuant to this
subdivision by a municipality in which such property is located only if
the governing board of such municipality, after public hearing, adopts a
local law, ordinance or resolution providing therefor. Notwithstanding
any provision of law to the contrary, any local law, ordinance or
resolution adopted pursuant to this paragraph may provide, or be amended
to provide, that a tenant-stockholder who resides in a dwelling which is
subject to the provisions of either article two, four, five or eleven of
the private housing finance law and who is eligible for a rent increase
exemption pursuant to section four hundred sixty-seven-c of this title
shall not be eligible for an exemption pursuant to this subdivision and
that a tenant-stockholder who resides in a dwelling which is subject to
the provisions of either article two, four, five or eleven of the
private housing finance law and who is not eligible for a rent increase
exemption pursuant to section four hundred sixty-seven-c of this title
but who meets the requirements for eligibility for an exemption pursuant
to this section shall be eligible for such exemption provided that such
exemption shall be in an amount determined by multiplying the exemption
otherwise allowable pursuant to this section by a fraction having a
numerator equal to the amount of real property taxes or payments in lieu
of taxes that were paid with respect to such dwelling and a denominator
equal to the full amount of real property taxes that would have been
owed with respect to such dwelling had it not been granted an exemption
or abatement of real property taxes pursuant to any provision of law,
provided, however, that any reduction in real property taxes received
with respect to such dwelling pursuant to this section or section four
hundred sixty-seven-c of this title shall not be considered in
calculating such numerator. Any such local law, ordinance or resolution
that so provides, or is amended to so provide, shall also provide that a
tenant-stockholder who resides in a dwelling which was or continues to
be subject to a mortgage insured or initially insured by the federal
government pursuant to section two hundred thirteen of the National
Housing Act, as amended, and who is eligible for both a rent increase
exemption pursuant to section hundred sixty-seven-c of this title and an
exemption pursuant to this subdivision, may apply for and receive either
a rent increase exemption pursuant to section four hundred sixty-seven-c
of this title or an exemption pursuant to this subdivision, but not
both. 
     3-b. The office of real property services shall develop, make
available and distribute to any municipal corporation which requests it,
a form for the purpose of administering the provisions of paragraph (a)
of subdivision three of this section. 
     4. Every municipal corporation in which such real property is located
shall notify, or cause to be notified, each person owning residential
real property in such municipal corporation of the provisions of this
section. The provisions of this subdivision may be met by a notice or
legend sent on or with each tax bill to such persons reading "You may be
eligible for senior citizen tax exemptions. Senior citizens have until
month.........., day......., year......, to apply for such exemptions.
For information please call or write....," followed by the name,
telephone number and/or address of a person or department selected by
the municipal corporation to explain the provisions of this section.
Each cooperative apartment corporation shall notify each
tenant-stockholder thereof in residence of such provisions as set forth
herein. Failure to notify, or cause to be notified any person who is in
fact, eligible to receive the exemption provided by this section or the
failure of such person to receive the same shall not prevent the levy,
collection and enforcement of the payment of the taxes on property owned
by such person. 
     4-a. (a) A senior citizen eligible for the exemption provided for in
subdivision one of this section may request that a notice be sent to an
adult third party. Such request shall be made on a form prescribed by
the state board and shall be submitted to the assessor of the assessing
unit in which the eligible taxpayer resides no later than sixty days
before the last application date for the first taxable status date to
which it is to apply. Such form shall provide a section whereby the
designated third party shall consent to such designation. Such request
shall be effective upon receipt by the assessor. The assessor shall
maintain a list of all eligible property owners who have requested
notices pursuant to this paragraph. 
             (b) A notice shall be sent to the designated third party at least
thirty days prior to the last application date for each ensuing taxable
status date; provided that no such notice need be sent in the first year
if the request was not received by the assessor at least sixty days
before the last application date for the applicable taxable status date.
Such notice shall read substantially as follows: "On behalf of (identify
senior citizen or citizens), you are advised that his, her, or their
renewal application for the senior exemption must be filed with the
assessor no later than (enter date). You are encouraged to remind him,
her, or them of that fact, and to offer assistance if needed, although
you are under no legal obligation to do so. Your cooperation and
assistance are greatly appreciated." 
             (c) A notice shall be sent to the designated third party whenever the
assessor sends a notice to the senior citizen regarding the possible
removal of the senior exemption. Such notice shall read substantially as
follows: "On behalf of (identify senior citizen or citizens), you are
advised that his, her, or their senior exemption is at risk of being
removed. You are encouraged to make sure that he, she or they are aware
of that fact, and to offer assistance if needed, although you are under
no legal obligation to do so. Your cooperation and assistance are
greatly appreciated." 
             (d) The obligation to mail such notices shall cease if the eligible
taxpayer cancels the request or ceases to qualify for the senior
exemption. 
             (e) Failure to mail any notice required by this subdivision, or the
failure of a party to receive same, shall not affect the validity of the
levy, collection, or enforcement of taxes on property owned by such
person, or in the case of a third party notice, on property owned by the
senior citizen. 
     5. Application for such exemption must be made by the owner, or all of
the owners of the property, on forms prescribed by the state board to be
furnished by the appropriate assessing authority and shall furnish the
information and be executed in the manner required or prescribed in such
forms, and shall be filed in such assessor's office on or before the
appropriate taxable status date. Notwithstanding any other provision of
law, at the option of the municipal corporation, any person otherwise
qualifying under this section shall not be denied the exemption under
this section if he becomes sixty-five years of age after the appropriate
taxable status date and on or before December thirty-first of the same
year. 
     5-a. Any local law or ordinance adopted pursuant to paragraph (a) of
subdivision one of this section may be amended, or a local law or
ordinance may be adopted to provide, notwithstanding subdivision five of
this section, that an application for such exemption may be filed with
the assessor after the appropriate taxable status date but not later
than the last date on which a petition with respect to complaints of
assessment may be filed, where failure to file a timely application
resulted from: (a) a death of the applicant's spouse, child, parent,
brother or sister; or (b) an illness of the applicant or of the
applicant's spouse, child, parent, brother or sister, which actually
prevents the applicant from filing on a timely basis, as certified by a
licensed physician. The assessor shall approve or deny such application
as if it had been filed on or before the taxable status date. 
     5-b. Notwithstanding the provisions of this section or any other
provision of law, a county with an annual taxable status date of January
first or January second and with a population of one million or more,
may, at its option and by amendment or adoption of a local law or
ordinance, authorize its assessor to accept applications for the
exemption from real property taxes authorized pursuant to this section
on a date later than such county's statutory deadline date for receiving
applications for such exemption. Any application filed later than such
statutory deadline date which is in compliance with such local law or
ordinance amended or adopted pursuant to this subdivision and which
meets all other necessary requirements for granting the exemption
authorized by this section shall be deemed to have been timely filed
prior to such statutory deadline date, and any individual or individuals
for whom such an application has been filed shall be granted such
exemption and shall receive such exemption on the assessment roles
prepared for such county on the basis of the taxable status date
immediately preceding the date such application was filed. 
     5-c. Notwithstanding the provisions of this section or any other
provision of law, in a city having a population of one million or more,
applications for the exemption authorized pursuant to this section shall
be considered timely filed if they are filed on or before the fifteenth
day of March of the appropriate year. 
     6. (a) At least sixty days prior to the appropriate taxable status
date, the assessing authority shall mail to each person who was granted
exemption pursuant to this section on the latest completed assessment
roll an application form and a notice that such application must be
filed on or before taxable status date and be approved in order for the
exemption to be granted. The assessing authority shall, within three
days of the completion and filing of the tentative assessment roll,
notify by mail any applicant who has included with his application at
least one self-addressed, pre-paid envelope, of the approval or denial
of the application; provided, however, that the assessing authority
shall, upon the receipt and filing of the application, send by mail
notification of receipt to any applicant who has included two of such
envelopes with the application. Where an applicant is entitled to a
notice of denial pursuant to this subdivision, such notice shall be on a
form prescribed by the state board and shall state the reasons for such
denial and shall further state that the applicant may have such
determination reviewed in the manner provided by law. Failure to mail
any such application form or notices or the failure of such person to
receive any of the same shall not prevent the levy, collection and
enforcement of the payment of the taxes on property owned by such
person. 
         (b) Except in cities of one million or more, any person who has been
granted exemption pursuant to this section on five (5) consecutive
completed assessment rolls, including any years when the exemption was
granted to a property owned by a husband and/or wife while both resided
in such property, shall not be subject to the requirements set forth in
paragraph (a) of this subdivision provided the governing board of the
municipality in which said property is situated after public hearing
adopts a local law, ordinance or resolution providing therefor however
said person shall be mailed an application form and a notice informing
him of his rights. Such exemption shall be automatically granted on each
subsequent assessment roll. Provided, however, that when tax payment is
made by such person a sworn affidavit must be included with such payment
which shall state that such person continues to be eligible for such
exemption. Such affidavit shall be on a form prescribed by the state
board. If such affidavit is not included with the tax payment, the
collecting officer shall proceed pursuant to section five hundred
fifty-one-a of this chapter. 
         (c) In cities of one million or more, any person who has been granted
exemption pursuant to this section shall file the completed application
with the appropriate assessing authority every twenty-four months from
the date such exemption was granted without the necessity of having been
granted exemption pursuant to this section on five (5) consecutive
completed assessment rolls including any years when the exemption was
granted to a property owned by a husband and/or wife while both resided
in such property. 
     7. Any conviction of having made any wilful false statement in the
application for such exemption, shall be punishable by a fine of not
more than one hundred dollars and shall disqualify the applicant or
applicants from further exemption for a period of five years. 
     8. Notwithstanding the provisions of subdivisions five and six of this
section, the local governing body of a city, town, village or county
having the power to assess may adopt a local law authorizing the
assessor or assessors of such city, town, village or county to accept
applications for renewal of exemptions pursuant to this section after
taxable status date. Such local law shall provide that in the event the
owner, or all of the owners, of property which has received an exemption
pursuant to this section on the preceding assessment roll fail to file
the application required pursuant to this section on or before taxable
status date such owner or owners may file the application, executed as
if such application had been filed on or before the taxable status date,
with the assessor on or before the date for the hearing of complaints. 
     9. (a) (i) Notwithstanding the provisions of subdivision five of this
section, 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 determination 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 final. If the applicant files a complaint, the board
of assessment review shall schedule a time and place for a hearing with
respect thereto 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 applicant, 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
transfer 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
appropriation 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
collector 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
treasurer 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 five of this
section, 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 applicable 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. 
             (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
administrative 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
taxation 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
paragraph (a) of this subdivision is not extended against the tax roll
immediately 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
taxation 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 paragraph (a) of this subdivision. 
     10. Notwithstanding any other provision of law to the contrary, the
provisions of this section shall apply to real property in which a
person or persons hold a legal life estate or which is held in trust
solely for the benefit of a person or persons if such person or persons
would otherwise be eligible for a real property tax exemption, pursuant
to subdivision one of this section, were such person or persons the
owner or owners of such real property. 

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