Form Rp-4736 - Application For Real Property Tax Exemption For Southampton Hospitality Business Property Page 2
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2Page 2 of 2 RP-4736 (1/15)
Certification
I/We,
, hereby certify that the information on this application and any
accompanying pages constitutes a true statement of facts.
Signature
Date
Signature
Date
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
County
$
City/Town
$
Village
$
School district
$
Assessor’s signature
Date
Instructions
Authorization for exemption
Chapter 470 of the laws of 2014 authorize a partial exemption from real property taxation for hospitality business property in the town
of Southampton that is constructed, altered, installed, or improved after January 1, 2015, or a later date, as specified in a county or
town local law, or in a school district resolution. The cost of such construction, alteration, installation, or improvement must exceed
$100,000 or a higher minimum, as may be provided in such local law or resolution. Ordinary maintenance and repairs do not qualify for
exemption.
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 improvement.
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. Consult your assessor to ascertain the specific schedule or
schedules that apply.
Application for exemption
The exemption may apply to charges imposed upon real property by or on behalf of a county, town, or school district for municipal
or school district purposes and to special ad valorem levies except those levied for fire district, fire protection district, or fire alarm
district purposes. However, the statue authorizes a county, town, or school district to act independently on its own behalf to reduce
the per centum of exemption otherwise allowed pursuant to this section. The exemption does not apply to costs incurred for ordinary
maintenance and repairs.
Filing of exemption
Application for exemption must be filed with the Town of Southampton 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. The taxable status date in the town of Southampton 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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