Form Rp-485-J - Application For Residential Investment Real Property Tax Exemption - Utica Page 2

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RP-485-j [Utica] (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: $______________________

Amount of exemption in first year:

_______________

Percent

Amount

______________________________________________

_________________________

Assessor’s signature

Date

INSTRUCTIONS FOR APPLICATION FOR RESIDENTIAL INVESTMENT

REAL PROPERTY TAX EXEMPTION

(Real Property Tax Law, Section 485-j)

1. Authorization for exemption

Section 485-j of the Real Property Tax Law authorizes the City of Utica to offer a partial exemption from

real property taxation for residential property constructed subsequent to January 1, 2005 or a later date as

specified in the City’s local law. The cost of such construction, alteration, installation or improvement must

exceed $60,000 or a higher minimum, not to exceed $325,000, as may be provided in such local law. Ordinary

maintenance and repairs do not qualify for exemption.

The City of Utica may limit the exemption to specific geographic areas. Consult the assessor to ascertain

if the exemption has been so limited.

2. Duration and computation of exemption

Generally, the amount of the exemption in the first year is 50% of the increase in the assessed value

attributable to the construction. The exemption amount then decreases by 5% in each of the next nine years. This

declining percentage continues to be applied to the increase in assessed value determined in the first year of the

exemption, unless there is a change in level of assessment for an assessment roll of 15% or more, as certified by

the Office of Real Property Tax Services, in which case an adjustment is required. The City may reduce the

percentages of the exemption.

3. Application for exemption

The exemption may apply to charges imposed upon real property by the City. The exemption does not

apply to costs incurred for ordinary maintenance and repairs.

4. Filing of exemption

Application for exemption from City taxes must be filed with the City assessor, not the Office of Real

Property Tax Services.

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 Utica, the taxable status date is August 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.

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