Instructions For Form Rp-421-K - Application For Real Property Tax Exemption For Capital Improvements To Multiple Dwelling Buildings Within Certain Cities
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2RP-421-k-Ins
New York State Department of Taxation and Finance
Office of Real Property Tax Services
(1/13) [Auburn, C/Newburgh]
Instructions for Form RP-421-k
Application for Real Property Tax Exemption for
Capital Improvements to Multiple Dwelling Buildings Within Certain Cities
(Real Property Tax Law, Section 421-k)
Authorization for exemption
Section 421-k 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 28,500 but less than 29,000 as measured by the latest federal
decennial census. Based on 2010 census data, only the cities of Auburn and Newburgh satisfy this population
criterion.
Where it is adopted, the exemption applies only to city taxes.
Eligibility for exemption
Section 421-k 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% or more, in which case the increased assessed value will be deemed to equal the
market value.
(continued)
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