Form Rp-421-O - Application For Partial Tax Exemption For Capital Improvements To Multiple Dwelling Buildings In Certain Cities Page 2

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Page 2 of 3 RP-421-o (1/17)

Certification

I/We,

, hereby certify that the information on this application and any accompanying pages

constitutes a true statement of facts.

All owners must sign and date this form.

Signature

Date

Signature

Date

Return this form to the local Assessor by taxable status date. See Time of filing application on page 3.

Instructions

Authorization for exemption

Unless limited by local law, the value of an improvement

qualifying for exemption should receive the following exemption

Real Property Tax Law section 421-o authorizes a partial

percentage:

exemption from real property taxation of the increase in

assessed value of multiple dwelling buildings due to the

Year of

Percentage

Year of

Percentage

reconstruction, renovation, and conversion into owner-occupied

Exemption

of Exemption

Exemption

of Exemption

single family residences. The exemption is only available in a

Base

city with a population greater than 10,000 but not more than

12,000 or with a population greater than 8,000 but fewer than

100.0

50.02

9,000. The city must be in a county with a population greater

91.67

41.69

than 97,000, but fewer than 99,000 as measured by the latest

decennial census. Based upon 2010 census data, only the cities

83.34

33.36

of Corning and Hornell in Steuben County satisfy this population

75.01

25.03

criterion.

66.68

16.7

Where it is adopted, the exemption applies only to city taxes.

58.35

8.37

Eligibility for exemption

Authorized limitations

Section 421-o sets forth several exemption criteria:

• The property for which exemption is sought must be a former

The local law may limit the maximum value of an improvement

multiple dwelling converted to an owner-occupied single family

which may receive exemption to an amount less than the

residence (line 1).

statutorily prescribed $100,000, but not less than $10,000.

• The greater portion of the residence (as measured by square

The local law may also limit the forms of reconstruction,

footage) after the capital improvement must be at least five

alterations, or improvements to those prescribed by such local

years old (line 2).

law.

• The capital improvement must be commenced after the date

Eligibility for the exemption may be limited by local law to those

the local law or resolution is enacted (line 3).

improvements which would otherwise result in an increase in

• Unless limited by the local law, the exemption applies to

assessed value but which consist of additions, remodeling,

reconstruction, alterations or improvements; it does not apply

or modernization to an existing structure to prevent physical

to ordinary maintenance or repairs. Describe the capital

deterioration of the structure or to comply with applicable

improvement on line 4.

building, sanitary, health, and/or fire codes.

• The value of such reconstruction, alteration or improvement

Filing application

must exceed the sum of $5,000 (line 5). Attach documentation

(e.g., construction contract, building permit, receipted bills) to

The application must be filed with the city assessor. Do not file

support the cost of the capital improvement.

the application with the Office of Real Property Tax Services.

The exemption is limited to $100,000 in increased market value

although the city may reduce such maximum to any amount

but not less than $10,000; any additional value attributable to

the reconstruction, renovation, and conversion is not eligible

for the exemption. The market value of the new construction is

calculated by dividing the increase in assessed value attributable

to the new construction by the latest State equalization rate or

special equalization rate; unless such rate is 95% or more, in

which case the increased assessed value will be deemed to

equal the market value.

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