Form Rp-421-J [niagara Falls] - Application For Capital Investment In Multiple Dwellings Real Property Tax Exemption; Certain Cities Page 2

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RP-421-j [Niagara Falls] (7/06)

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 FOR APPLICATION FOR CAPITAL INVESTMENT IN MULTIPLE DWELLINGS

REAL PROPERTY TAX EXEMPTION (Real Property Tax Law, Section 421-j)

1. Authorization for exemption

Section 421-j of the Real Property Tax Law authorizes the City of N iagara Falls to offer a partial exemption

from r eal property t axation t o multiple dwellings constructed or reconstructed subsequent t o the effective date of

the City’s local law. The cost of such construction, reconstruction, alteration or improvement must exceed $15,000

per dw elling uni t, a nd a valid bui lding pe rmit must ha ve be en i ssued. O rdinary maintenance a nd r epairs do not

qualify for exemption.

The C ity of N iagara F alls m ay l imit t he e xemption t o s pecific forms of n ew c onstruction, reconstruction,

alteration o r i mprovement. T he e xemption also m ay be l imited onl y t o i mprovements w hich p revent physical

deterioration of the existing structure or which bring it into compliance with applicable building, sanitary, health or

fire codes. Consult the assessor to ascertain if the exemption has been so limited.

2. Duration and computation of exemption

Generally, the amount o f the exemption in the first year is 100% of the increase i n the assessable value

attributable to the construction. The exemption then decreases by 12.5% in each of the next seven years. The City

may reduce the percentages of the exemption.

3. Application for exemption

The exemption may apply to City taxes. The exemption does not apply to user fees.

4. Filing of exemption

Application for exemption from C ity t axes must be filed with the City a ssessor, not the Office of Real

Property Tax Services. When the building is owned on a cooperative basis, one application for the property is to be

filed by the cooperative corporation. W hen the building is owned on a condominium basis, separate applications

must be filed by the owner of each condominium.

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. No local law may repeal or reduce an exemption granted pursuant to

section 421 -j unt il e xpiration o f the pe riod o f that e xemption. N o a dditional tax e xemptions m ay a pply t o

properties receiving the section 421-j exemption.

If t he multiple dw elling c eases to be us ed primarily f or r esidential purposes, the e ntire pr operty l oses i ts tax

exemption. If title to one or more units within the multiple dwelling is transferred to someone other than the heirs

or distributees of the original owner, the affected dwelling unit(s) will lose entitlement to tax exemption.

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