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Form Rp-485-L - Application For Residential Property Improvement; Certain Towns 2008 Page 2

RP-485-l [Amherst] (9/08)

FOR ASSESSOR’S USE

1. Date application filed:

2. Applicable taxable status date:

3. Action on application:

Approved

Disapproved (Reason):

4. Assessed valuation of parcel including improvement:

$ _______________________

5. Assessed valuation of parcel excluding improvement:

$ _______________________

6. Assessed valuation of improvement eligible for exemption:

$ ______________________*

(4. minus 5.)

* This figure is the “exemption base.”

______________________________________________

_________________________

Assessor’s signature

Date

INSTRUCTIONS FOR APPLICATION FOR PROPERTY IMPROVEMENT

REAL PROPERTY TAX EXEMPTION

(Real Property Tax Law, Section 485-l)

1. Authorization for exemption

Section 485-l of the Real Property Tax Law authorizes the Town of Amherst to adopt a local law offering a

partial tax exemption from town taxes and town special ad valorem levies to one and two family homes whose

assessed value has previously been reduced by the assessor due to a decrease in value the assessor has determined

was attributable to physical damage to the residence caused by soil subsidence. The “exemption base” for the

partial exemption is the value of the improvement that was constructed to repair such physical damage. The value

of an eligible improvement must exceed $10,000. Construction of the improvement must begin on or after

January 1, 2007. Ordinary maintenance and repairs do not qualify for exemption.

2. Duration and computation of exemption

The amount of the exemption in the first year is 100% of the increase in the assessed value attributable to

the construction. The exemption then decreases by 20% in each of the next four years.

3. Applicable charges

The partial exemption applies to town taxes and town special ad valorem levies.

4. Place of filing of exemption application

Applications for the partial exemption must be filed with the Town Assessor, not with the Office of Real

Property Tax Services.

5. Time of filing application

The application must be filed in the Town Assessor’s Office on or before the applicable taxable status date

and within one year from the date of completion of the improvements. In Amherst, the taxable status date is

March 1.

Once the exemption has been granted, the exemption may continue for the authorized period provided that

the eligibility requirements continue to be satisfied. It is not necessary to reapply for the exemption after the initial

year in order to continue the exemption. The exemption will cease if title to such a residential parcel is transferred.

Form Rp-485-L - Application For Residential Property Improvement; Certain Towns 2008 Page 2

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