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RP-485-L [Amsterdam SD] (8/07)

FOR ASSESSOR’S USE

1. Date application filed:

2. Applicable taxable status date:

3. Action on application:

Approved

Disapproved

4. Assessed valuation of parcel in first year of exemption: $ _______________________

5. Increase in total assessed valuation in first year of exemption: $ ______________________

6. Amount of exemption in first year:

_______________

Percent

Amount

______________________________________________

_________________________

Assessor’s signature

Date

INSTRUCTIONS FOR APPLICATION FOR RESIDENTIAL INVESTMENT

REAL PROPERTY TAX EXEMPTION; CERTAIN SCHOOL DISTRICTS

(Real Property Tax Law, Section 485-l)

1. Authorization for exemption

Section 485-l of the Real Property Tax Law authorizes the Greater Amsterdam School District to offer a

partial exemption from real property taxation for residential property constructed subsequent to July 1, 2007 or a

later date as specified in the School District’s resolution. The cost of such construction, alteration, installation or

improvement must exceed $70,000 or a higher minimum, not to exceed $350,000, as may be provided in such

resolution. Ordinary maintenance and repairs do not qualify for exemption.

The Greater Amsterdam School District may limit the exemption to specific geographic areas. Consult the

assessor to ascertain if the exemption has been so limited.

2. Duration and computation of exemption

Generally, the amount of the exemption in the first year is 50% of the increase in the assessed value

attributable to the construction. The exemption amount then decreases by 5% in each of the next nine years. This

declining percentage continues to be applied to the increase in assessed value determined in the first year of the

exemption, unless there is a change in level of assessment for an assessment roll of 15% or more, as certified by the

State Board of Real Property Services, in which case an adjustment is required. The School District may reduce the

percentages of the exemption.

3. Application for exemption

The exemption may apply to taxes imposed upon real property by the School District. The exemption does

not apply to costs incurred for ordinary maintenance and repairs.

4. Filing of exemption

Application for exemption from School taxes must be filed with the City of Amsterdam assessor or the

assessor of the Town of Amsterdam, Charlton, Duanesburg, Florida, Glenville, Mohawk or Perth as appropriate,

not the State Board of Real Property Services.

5. Time of filing application

The application must be filed in the assessor’s office on or before the appropriate taxable status date and

within one year from the date of completion of the improvements. In the City of Amsterdam the taxable status date

is December 1. In the towns within the School District, 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 for the exemption to continue.

Form Rp-485-L - Application For Residential Investment Real Property Tax Exemption - Amsterdam Sd Page 2

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