Instructions For Form Rp-421-K - Application For Real Property Tax Exemption For Capital Improvements To Multiple Dwelling Buildings Within Certain Cities Page 2

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RP-421-k-Ins (1/13) (back) [Auburn, C/Newburgh]
Unless limited by local law, the value of an improvement qualifying for exemption should receive the following
exemption percentages:
Year
Exemption percentage
1
100
2
87.5
3
75
4
62.5
5
50
6
37.5
7
25
8
12.5
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% for three years, followed by an exemption of
37.5% for three years. An exemption of 37.5% 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 Auburn is February 1; the taxable status date of the City of Newburgh 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%
or more. No local law or resolution may repeal or reduce an exemption granted pursuant to section 421-k until
expiration of the period of that exemption.

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