Instructions For Form Rp-421-J-Ins [cohoes] - Application For Real Property Tax Exemption For Capital Improvements To Multiple Dwelling Buildings Within Certain Cities Page 2

RP-421-j-Ins [Cohoes] (7/06)

AUTHORIZED LIMITATIONS:

The local law or resolution may limit the maximum value of an improvement which may receive

exemption to an amount less than the statutorily prescribed $100,000, but not less than $10,000.

The percentage of exemption may be reduced. This means that the percentage of exemption otherwise

allowed in any of the eight years listed above may be equal to or less than the State authorized percentage. For

example, the local law could provide for an exemption of 75 percent for three years, followed by an exemption

of 37.5 percent for three years. An exemption of 37.5 percent for eight years would not be allowable since that

would exceed the State limit in years seven and eight.

The State law applies to “reconstruction, alterations or improvements,” but the local law or resolution

may limit the exemption to specific forms of reconstruction, alteration or improvement. The exemption also

may be limited only to improvements which prevent physical deterioration of the existing structure or which

bring it into compliance with applicable building, sanitary, health or fire codes.

FILING APPLICATION:

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

The taxable status date of the City of Cohoes is March 1.

Once the exemption has been granted, it is not necessary to reapply for the exemption after the initial

year in order for the exemption to continue. There is no need to reapply in subsequent years, but if the property

ceases to be used primarily for residential purposes, or if title to the property is transferred to persons other than

the heirs or distributees of the owner, the exemption is terminated. The exemption will automatically be

recalculated in any year in which there is a change in level of assessment for the final assessment roll of 15

percent or more. No local law or resolution may repeal or reduce an exemption granted pursuant to section 421-

i until expiration of the period of that exemption.

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Parent category: Financial