How to File Property Improvement Tax Exemptions
What is a Property Improvement Tax Exemption?
These are exemptions instituted to help offset the cost of investing in the renovation/rehabilitation of residential and commercial structures in the City of Syracuse.
485-J
Application for Residential Investment Real Property Tax Exemption
What this exemption is for: You can receive this exemption if you spend at least $10,000 on improvements that cause an increase in assessed value.
What you should know: Ordinary maintenance and repairs do not qualify for this exemption.
How long is this exemption: This is a 5 year exemption that declines by 20% until the property is fully taxable. The exemption applies to City and School taxes only.
485-O
Application for Real Property Tax Exemption for Newly Constructed 1 and 2 Family Residences
What this exemption is for: This exemption can have more than one use.
▸It can be used for newly constructed one and two family residences
▸It can also be used for certified unoccupied residential hazards
What you should know: The exemption applies to City and School taxes only.
How long is this exemption: This is a 10 year declining exemption in which the exemption amount decreases by 25% each year beginning in the 8th year.
485-A
Application for Real Property Tax Exemption for Residential-Commercial Urban Exemption Program
What this exemption is for: Non-residential properties converted to a mix of residential and commercial use.
What you should know: Ordinary maintenance and repairs do not qualify for the exemption. The exemption applies to City, School, and County taxes.
How long is this exemption: This is a 12-year partial exemption in which the exemption declines by 20% each year beginning in the 9th year. An eligible conversion must have a cost in excess of $10,000.
The exemption applies to the increase in assessment due to the eligible conversion
100% of the increase is exempted for 8 years
80% of the increase is exempted for the 9th year
60% of the increase is exempted in the 10th year
40% of the increase is exempted in the 11th year
20% of the increase is exempted in the 12th year
485-B
Application for Real Property Tax Exemption for Commercial, Business or Industrial Property
What this exemption is for: This exemption is for commercial, business, or industrial property construction or improvements in excess of $10,000
What you should know: This exemption applies to City, School, and County taxes.
How long is this exemption: This is a declining 10 year partial exemption.