Form Rp-485-J - Application For Residential Investment Real Property Tax Exemption - Niagara Falls Page 2
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2RP-485-j [Niagara Falls] (7/06)
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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: $______________________
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 Niagara Falls to offer a partial
exemption from real property taxation for residential property constructed subsequent to April 1, 2006 or a later
date as specified in the City’s local law. 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 local law. Ordinary
maintenance and repairs do not qualify for exemption.
The City of Niagara Falls 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
Office of Real Property Tax Services, in which case an adjustment is required. The City may reduce the
percentages of the exemption.
3. Application for exemption
The exemption may apply to charges imposed upon real property by the City. The exemption does not
apply to costs incurred for ordinary maintenance and repairs.
4. Filing of exemption
Application for exemption from City taxes 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 Niagara Falls, 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.
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