Form Rp-485-Q - Application For Residential Investment Real Property Tax Exemption: Certain Cities Page 2
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2Page 2 of 2 RP-485-q (12/14)
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
Authorization for exemption
Real Property Tax Law section 485-q authorizes the City of Oneonta to offer a partial exemption from real property
taxation for residential property constructed subsequent to January 1, 2014, or a later date as specified in the City’s local
law. The cost of such construction, alteration, installation or improvement must exceed $30,000 or a higher minimum, not
to exceed $70,000, as may be provided in such local law. Ordinary maintenance and repairs do not qualify for exemption.
The City of Oneonta may limit the exemption to specific geographic areas. Consult the assessor to ascertain if the
exemption has been so limited.
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.
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.
Filing of exemption
Application for exemption from City taxes must be filed with the City assessor, not the Office of Real Property Tax
Services.
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 Oneonta, 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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