Instructions for Form RP-421-F Application for Real Property Tax Exemption for Capital Improvements to Residential Property - New York

Form RP-421-F Application for Real Property Tax Exemption for Capital Improvements to Residential Property - New York

This document contains official instructions for Form RP-421-F , Application for Capital Improvements to Residential Property - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form RP-421-F is available for download through this link.

FAQ

Q: What is Form RP-421-F?A: Form RP-421-F is an application for real property tax exemption for capital improvements to residential property in New York.

Q: Who can use Form RP-421-F?A: Homeowners in New York who have made qualifying capital improvements to their residential property can use Form RP-421-F.

Q: What is the purpose of Form RP-421-F?A: The purpose of Form RP-421-F is to apply for a tax exemption on the increased assessed value of residential property due to capital improvements.

Q: What are capital improvements?A: Capital improvements are permanent additions or alterations made to residential property that increase its value, such as adding a new room or renovating a kitchen.

Q: How long is the tax exemption period?A: The tax exemption period varies depending on the type of improvements, but it is generally 8 to 12 years.