Instructions For Form Rp-421-I-Ins [buffalo] - Application For Real Property Tax Exemption For Capital Improvements To Multiple Dwelling Buildings Within Certain Cities

RP-421-i-Ins [Buffalo] (7/06)

NYS DEPARTMENT OF TAXATION & FINANCE

OFFICE OF REAL PROPERTY TAX SERVICES

INSTRUCTIONS FOR APPLICATION FOR

REAL PROPERTY TAX EXEMPTION FOR CAPITAL IMPROVEMENTS

TO MULTIPLE DWELLING BUILDINGS WITHIN CERTAIN CITIES

(Real Property Tax Law, Section 421-i)

AUTHORIZATION FOR EXEMPTION:

Section 421-i of the Real Property Tax Law authorizes a partial exemption from real property taxation of the

increase in assessed value attributable to reconstruction, alterations or conversions of multiple dwellings converted

back to owner-occupied one- or two-family residential property. The exemption is available only in cities having a

population of more than 290,000 but less than 295,000 as measured by the latest federal decennial census. Based

on 2000 census data, only Buffalo satisfies this population criterion.

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

ELIGIBILITY FOR EXEMPTION:

Section 421-i sets forth several exemption criteria:

1. The property for which exemption is sought must be a former multiple dwelling converted to an owner-

occupied one- or two-family residence (question 4). Property that was not previously owner-occupied

qualifies if converted to a one-family residence. Property that was previously owner-occupied qualifies if

converted to a one- or two-family residence.

2. The greater portion of the residence (as measured by square footage) after the capital improvement must be

at least five years old (question 5).

3. The capital improvement must be commenced after the date the local law or resolution is enacted (question

6).

4. Unless limited by the local law, the exemption applies to reconstruction, alterations or improvements; it

does not apply to ordinary maintenance or repairs. Describe the capital improvement in question 7.

5. The value of such reconstruction, alteration or improvement must exceed the sum of $5,000 (question 8).

Attach documentation (e.g., construction contract, building permit, receipted bills) to support the cost of

the capital improvement.

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 new construction 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 percent or more, in which case the increased assessed value will be deemed to equal the market value.

Unless limited by local law, the value of an improvement qualifying for exemption should receive the

following exemption percentages:

Year

Exemption Percentage

100

87.5

62.5

37.5

12.5

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