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RP-485-n-Ins

New York State Department of Taxation and Finance

Office of Real Property Tax Services

(11/12)

Instructions for Form RP-485-n

Application for Real Property Tax Exemption for

Residential-Commercial Properties in Certain Counties

(Real Property Tax Law, Section 485-n, for use in Livingston and Steuben Counties only)

1. Authorization for exemption

Section 485-n of The Real Property Tax Law (RPTL) authorizes the governing body of a city,

town, or village in Livingston or Steuben County to adopt a local law offering a partial tax

exemption from town taxes and town special ad valorem levies, from city taxes or from village

taxes, to properties that are converted, created, modernized, rehabilitated, expanded, or

otherwise improved for commercial and mixed residential and commercial uses. The partial

exemption does not apply to special assessments. The property owner must meet the following

requirements:

•

The property must be located in a benefit area, as designated in the local law.

•

Benefits of the exemption are reserved exclusively on property converted, created,

modernized, rehabilitated, expanded, or otherwise improved for commercial and mixed

residential-commercial purposes.

•

The portion of the project devoted to residential construction work may not include dwelling

units in a hotel.

•

The cost of construction of the project must exceed $10,000 or a greater amount as

specified in the local law.

•

Costs attributable to ordinary maintenance and repairs are not eligible for the exemption.

•

The eligible project may not commence until after the date of the municipality’s local law has

taken effect.

•

Completion of project must be demonstrated by a certificate of occupancy.

Upon adoption of a local law by any city, town, or village, any of the other municipal

corporations in which the designated benefit area is located may likewise offer this exemption

by local law. After adoption by any such city, town or village, the county and any school

district(s) in which the designated benefit area is located may also elect to offer this exemption

by local law of the county government, or by resolution of the school board(s), respectively.

2. Duration and computation of exemption

If the exemption is locally authorized, the exemption benefit starts at 100% of the increase in

assessed value attributable to the conversion, creation, modernization, rehabilitation, expansion

or otherwise eligible improvement in the first through eighth years of a 12-year benefit, and

declines by 20 percentage points in each succeeding year thereafter.

This exemption may not be granted concurrent with or subsequent to any other property tax

exemption with respect to the same project, except that a subsequent exemption may be

granted where, during the period of a previous exemption, payments in lieu of taxes or other

payments were made to a local government in an amount equal to or greater than the amount of

taxes that would have been paid on the improvements had the property been granted an

exemption pursuant to RPTL §485-n. In that case, the property may be eligible for a §485-n

Instructions For Form Rp-485-N - Application For Real Property Tax Exemption For Residential-Commercial Properties In Certain Counties

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