Form Rp-485-J - Application For Residential Investment Real Property Tax Exemption; Certain Cities - Syracuse Page 2

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RP-485-j [Syracuse] (7/06)
2
FOR ASSESSOR’S USE
FOR ASSESSOR’S USE
1. Date application filed: ______
1. Date application filed: ______
2. Applicable taxable status date: ________________
2. Applicable taxable status date: ________________
3. Action on application:
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: $______________________
Amount of exemption in first year:
_______________
_______________
6.
Percent
Amount
______________________________________________
_________________________
Assessor’s signature
Date
INSTRUCTIONS FOR APPLICATION FOR RESIDENTIAL INVESTMENT
REAL PROPERTY TAX EXEMPTION
(Real Property Tax Law, Section 485-j)
1. Authorization for exemption
Section 485-j of the Real Property Tax Law authorizes the City of Syracuse to offer a partial exemption
from real property taxation for improvements to residential property constructed subsequent to January 1, 2006 or a
later date as specified in the City’s local law. The cost of construction of such improvement must exceed $10,000.
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 amount then decreases by 20% in each of the next four years.
3. Application for exemption
The exemption may apply to charges imposed upon real property by the City for both city and school
district purposes. The exemption does not apply to costs incurred for ordinary maintenance and repairs.
4. Filing of exemption
Application for exemption must be filed with the City assessor, not the Office of Real Property Tax
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 Syracuse, the taxable status date is January 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.

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