Form RP-485-J "Application for Residential Investment Real Property Tax Exemption; Certain Cities" - Niagara Falls, New York

What Is Form RP-485-J?

This is a legal form that was released by the New York State Department of State - a government authority operating within New York. The form may be used strictly within Niagara Falls. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on July 1, 2006;
  • The latest edition provided by the New York State Department of State;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form RP-485-J by clicking the link below or browse more documents and templates provided by the New York State Department of State.

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Download Form RP-485-J "Application for Residential Investment Real Property Tax Exemption; Certain Cities" - Niagara Falls, New York

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RP-485-j [Niagara Falls]
(7/06)
NEW YORK STATE DEPARTMENT OF TAXATION & FINANCE
OFFICE OF REAL PROPERTY TAX SERVICES
APPLICATION FOR RESIDENTIAL INVESTMENT REAL
PROPERTY TAX EXEMPTION; CERTAIN CITIES
APPLICATION FOR EXEMPTION MUST BE FILED WITH CITY OF NIAGARA FALLS
ASSESSOR BY MARCH 1
Do not file form with the Office of Real Property Tax Services
l. Name and telephone no. of owner(s)
2. Mailing address of owner(s)
Day No. (
)
Evening No. (
)
E-mail address (optional)
3. Location of property:
, City of Niagara Falls
Street address
Property identification (see tax bill or assessment roll)
Tax map number or section/block/lot
4. Description of residential property for which exemption is sought:
a.
one-family residence
two-family residence
three-family residence
b. General description of property (if necessary, attach plans or specifications):
c. Total cost: ______________________________________________________________________
d. Date construction, alteration, installation or improvement was started:
e. Date completed (attach copy of certificate of occupancy or other documentation of completion):
5. Is this property the primary residence of its owner?
Yes
No
Certification
I, ____________________________________, hereby certify that the information on this application and
any accompanying pages constitutes a true statement of facts.
____________________________________
______________________
Signature
Date
Clear Form
RP-485-j [Niagara Falls]
(7/06)
NEW YORK STATE DEPARTMENT OF TAXATION & FINANCE
OFFICE OF REAL PROPERTY TAX SERVICES
APPLICATION FOR RESIDENTIAL INVESTMENT REAL
PROPERTY TAX EXEMPTION; CERTAIN CITIES
APPLICATION FOR EXEMPTION MUST BE FILED WITH CITY OF NIAGARA FALLS
ASSESSOR BY MARCH 1
Do not file form with the Office of Real Property Tax Services
l. Name and telephone no. of owner(s)
2. Mailing address of owner(s)
Day No. (
)
Evening No. (
)
E-mail address (optional)
3. Location of property:
, City of Niagara Falls
Street address
Property identification (see tax bill or assessment roll)
Tax map number or section/block/lot
4. Description of residential property for which exemption is sought:
a.
one-family residence
two-family residence
three-family residence
b. General description of property (if necessary, attach plans or specifications):
c. Total cost: ______________________________________________________________________
d. Date construction, alteration, installation or improvement was started:
e. Date completed (attach copy of certificate of occupancy or other documentation of completion):
5. Is this property the primary residence of its owner?
Yes
No
Certification
I, ____________________________________, hereby certify that the information on this application and
any accompanying pages constitutes a true statement of facts.
____________________________________
______________________
Signature
Date
Clear Form
RP-485-j [Niagara Falls] (7/06)
2
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:
_______________
_______________
6.
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 Niagara Falls to offer a partial
exemption from real property taxation for residential property constructed subsequent to April 1, 2006 or a later
date as specified in the City’s local law. The cost of such construction, alteration, installation or improvement must
exceed $70,000 or a higher minimum, not to exceed $350,000, as may be provided in such local law. Ordinary
maintenance and repairs do not qualify for exemption.
The City of Niagara Falls 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 Niagara Falls, the taxable status date is
March 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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