N.Y. Real Property Tax Law Section 485-R
Residential redevelopment inhibited property exemption

  • certain cities

1.

As used in this section, the following terms shall have the following meanings:

(a)

“Redevelopment inhibited property” shall mean a residential property that has been neglected or abandoned because of the local economic conditions and/or conditions on the property that inhibit such property from being redeveloped by the private sector. Redevelopment inhibited property shall not include land that is undeveloped.

(b)

“Gap financing costs” shall mean the total cost of the property’s redevelopment as approved by the city minus the increase in the full valuation of the property upon completion of the redevelopment.

(c)

“Base assessment” shall mean the assessed value of the property on the day the city designates the property as redevelopment inhibited.

(d)

“Increased assessment” shall mean the assessed value of the property as determined by the assessor upon completion of the redevelopment.

(e)

“Incremental increase in annual property taxes” shall mean the taxes based on the increased assessment minus the taxes based on the base assessment.

(f)

“City” shall mean a city with a population of not less than fifteen thousand two hundred fifty and not more than fifteen thousand five hundred as determined by the latest federal decennial census.

2.

A city may, by local law, provide for the exemption of real property from taxation as provided in this section. Subsequent to the adoption of such local law, the county in which such city is located may after a public hearing and by local law, and any school district, all or part of which is located in such city, may, by resolution, exempt such property from its taxation in the same manner and to the same extent as the city has done.

3.

A city shall designate any property within the city boundaries as a redevelopment inhibited property if one or more of the following are met:

(a)

the city has acquired title to the property pursuant to article nineteen-A of the real property actions and proceedings law; or

(b)

the property has been continuously vacant for a period of at least three years; or

(c)

the city has acquired title to the property via foreclosure for unpaid taxes pursuant to article 11 (Procedures For Enforcement of Collection of Delinquent Taxes)article eleven of this chapter; or

(d)

the property has outstanding zoning, housing, or uniform code violations and the cost of remedying the violations exceeds the property’s value.

4.

(a) Upon the adoption of such local law, redevelopment inhibited property shall be exempt from taxation and special ad valorem levies to the extent of any increase in value attributable to demolition, alteration, rehabilitation, or remediation pursuant to the following requirements:

(i)

the demolition, alterations, rehabilitation, and/or remediation shall be permitted by the city’s bureau of inspection such that building or plumbing permits issued and said demolition, alterations, rehabilitation, and/or remediation shall have met all necessary approvals per the applicable New York state uniform fire prevention and building code, the city’s municipal code and the city’s bureau of inspection upon completion; and

(ii)

the property for which the exemption is sought shall be an owner-occupied one-family residence; and

(iii)

the owner of such property shall file annually an affidavit of residency with the assessor of the city on or before the appropriate taxable status date of such city, confirming continued owner-occupancy of the property; and

(iv)

the redevelopment inhibited property is exempt from taxation and special ad valorem levies attributable to the increased assessment minus the taxes and special ad valorem levies imposed on the base assessment. Such exemption shall not apply to special assessments.

(b)

In the event the property granted an exemption pursuant to this section ceases to be owner-occupied and/or the affidavit of residency is not filed annually for the approved exemption period, the exemption granted pursuant to this section shall cease.

(c)

In the event the property granted an exemption pursuant to this section ceases to be a one-family dwelling, the exemption granted pursuant to this section shall cease.

(d)

In the event the owner of the property is convicted of a violation or misdemeanor pursuant to New York state uniform fire prevention and building code or the city’s municipal code, the exemption granted pursuant to this section shall cease.

5.

(a) Such redevelopment inhibited property shall be exempt for a period equal to the gap financing costs divided by the incremental increase in annual property taxes resulting from such redevelopment. The exemption period shall be rounded up to the nearest whole number and shall not exceed twenty-five years.

(b)

The extent of such exemption shall decrease the last eight years of the exemption period by twelve and one-half percent of the increase in assessment due to the redevelopment equaling a zero percent exemption on the final year of the exemption period.

6.

(a) Such exemption shall be granted only upon application by the owner of such building for the residential redevelopment inhibited property exemption, on a form prescribed by the city. Such application must be filed with the assessor of the city on or before the appropriate taxable status date of such city. The application must be filed with the assessor of the city within three years from the date of completing the demolition, alterations, rehabilitation, and/or remediation.

(b)

The owner filing for such exemption shall not be required to be the owner responsible for completing the demolition, alterations, rehabilitation, and/or remediation.

(c)

If the assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he or she shall approve the application and such real property shall thereafter be exempt from taxation and special ad valorem levies by the city commencing with the assessment roll prepared after the taxable status date referred to in this subdivision. The assessed value of any exemption granted pursuant to this section shall be entered by the assessor of the city on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.

(d)

Once granted, the residential redevelopment inhibited property exemption runs with the land for the exemption period pursuant to this section.

Source: Section 485-R — Residential redevelopment inhibited property exemption; certain cities, https://www.­nysenate.­gov/legislation/laws/RPT/485-R (updated Apr. 15, 2016; accessed Oct. 26, 2024).

420‑A
Nonprofit organizations 420‑B
Nonprofit organizations 420‑C
Exemption from local real property taxation of certain low income housing accommodations in a city having a population of one million or ... 421‑A
Affordable New York Housing Program 421‑B
Exemption of certain private dwellings, multiple dwellings and improvements from local taxation 421‑C
Exemption of certain new multiple dwellings from local taxation 421‑D
Exemption of multiple dwellings financed by the New York state housing finance agency from local taxation 421‑E
Exemption of cooperative, condominium, homesteading and rental projects from local taxation 421‑F
Exemption of capital improvements to residential buildings and certain new construction 421‑FF
Exemption of capital improvements to residential buildings in cities with a population between twenty-seven thousand five hundred and twe... 421‑G
Exemption from local taxation of certain multiple dwellings 421‑H
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑H*2
Exemption of capital improvements to residential buildings 421‑I
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑I*2
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑J
Exemption of capital investment in multiple dwelling buildings within certain cities 421‑J*2
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑K
Exemption of certain multiple dwellings 421‑L
Exemption of capital improvements to residential buildings in certain towns 421‑M
Exemption of certain new or substantially rehabilitated multiple dwellings from local taxation 421‑N
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑O
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑O*2
Exemption of capital improvements to multiple dwelling buildings within certain cities 421‑P
Exemption of newly-constructed or converted rental multiple dwellings 421‑P*2
Exemption of capital improvements to residential new construction involving the creation of accessory dwelling units 422
Not-for-profit housing companies 423
Phase out of exemption for redevelopment company projects upon the cessation of the tax exemption granted pursuant to contract 424
Institute of arts and sciences 425
School tax relief (STAR) exemption 425‑A
Abatement of county taxes in special assessing units 426
Opera houses 427
Performing arts buildings 428
Fraternal organizations 429
Real property used for professional major league sports 430
Interdenominational centers 432
Theatrical corporations created by act of congress 434
Academies of music 436
Officers of religious denominations 438
Trustees of a hospital, playground and library 440
Infant homes 442
Soldiers monument corporations 444
Historical societies 444‑A
Historic property 446
Cemeteries 450
Agricultural societies 452
Veterans organizations 454
Indians 455
Exemption option 456
Municipal railroads 457
Exemption for first-time homebuyers of newly constructed homes 458
Veterans 458‑A
Veterans 458‑B
Exemption for Cold War veterans 458‑C
Improvements to property of severely injured members of the armed forces of the United States 459
Persons who are physically disabled 459‑A
Improvements to property made pursuant to the Americans with Disabilities Act of 1990 459‑B
Physically disabled crime victims 459‑C
Persons with disabilities and limited incomes 460
Clergy 462
Religious corporations 464
Incorporated associations of volunteer firefighters 466
Volunteer firefighters and fire companies in villages 466‑A
Volunteer firefighters and volunteer ambulance workers 466‑A*2
Volunteer firefighters and volunteer ambulance workers 466‑B
Volunteer firefighters and volunteer ambulance workers 466‑C
Volunteer firefighters and volunteer ambulance workers 466‑C*2
Volunteer firefighters and volunteer ambulance workers 466‑C*3
Volunteer firefighters and volunteer ambulance workers 466‑C*4
Volunteer firefighters and volunteer ambulance workers 466‑C*5
Volunteer firefighters and volunteer ambulance workers 466‑C*6
Volunteer firefighters and volunteer ambulance workers 466‑C*7
Volunteer firefighters and volunteer ambulance workers 466‑D
Volunteer firefighters and volunteer ambulance workers 466‑D*2
Volunteer firefighters and volunteer ambulance workers 466‑D*3
Volunteer firefighters and volunteer ambulance workers 466‑D*4
Volunteer firefighters and volunteer ambulance workers 466‑E
Volunteer firefighters and volunteer ambulance workers 466‑E*2
Volunteer firefighters and volunteer ambulance workers 466‑E*3
Volunteer firefighters and volunteer ambulance workers 466‑E*4
Volunteer firefighters and volunteer ambulance workers 466‑F
Volunteer firefighters and volunteer ambulance workers 466‑F*2
Volunteer firefighters and volunteer ambulance workers 466‑F*3
Volunteer firefighters and volunteer ambulance workers 466‑F*4
Volunteer firefighters and volunteer ambulance workers 466‑F*5
Un-remarried spouses of volunteer firefighters or volunteer ambulance workers killed in the line of duty 466‑G
Volunteer firefighters and volunteer ambulance workers 466‑G*2
Volunteer firefighters and volunteer ambulance workers 466‑H
Volunteer firefighters and volunteer ambulance workers 466‑H*2
Un-remarried spouses of deceased volunteer firefighters or volunteer ambulance workers 466‑I
Volunteer firefighters and volunteer ambulance workers 466‑J
Volunteer firefighters and volunteer ambulance workers 466‑K
Volunteer firefighters and volunteer ambulance workers 466‑L
Extension of benefits 467
Persons sixty-five years of age or over 467‑A
Partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a populatio... 467‑B
Tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities 467‑C
Exemption for property owned by certain housing companies or sublessees of the battery park city authority and occupied by senior citizen... 467‑D
Assessment exemption for certain living quarters constructed to be occupied by a senior citizen or disabled individual 467‑E
Rebate for owners or tenant-stockholders of one, two or three family residences or residential property held in the condominium or cooper... 467‑F
Protective and safety devices tax abatement 467‑G
Rebate for owners of certain real property seriously damaged by the severe storm that occurred on the twenty-ninth and thirtieth of Octob... 467‑H
Partial abatement for certain rebuilt real property seriously damaged by the severe storm that occurred on the twenty-ninth and thirtieth... 467‑I
Real property tax abatement 467‑J
Exemption for certain residential properties located in certain counties 467‑K
Senior citizen longtime resident exemption 467‑K*2
Exemption for certain residential property required to participate in the federal flood insurance program 467‑L
Rebate for owners of certain real property in the city of New York 467‑M
Exemption from local real property taxation of certain multiple dwellings in a city having a population of one million or more 468
Fire patrol and salvage corps 469
Assessment exemption for living quarters for parent or grandparent 470
Exemption for improvements to real property meeting certification standards for green buildings 472
Pharmaceutical societies 474
Dental societies 476‑A
Railroad passenger stations 477
Tax exemption for industrial waste treatment facilities 477‑A
Tax exemption for air pollution control facilities 478
Tax exemption for off-street parking facilities providing underground shelters 479
Fallout shelter facilities 480
Forest and reforested lands 480‑A
Taxation of forest land 481
Taxation of land used for agricultural production 482
Quarantined lands 483
Exemption from taxation of structures and buildings essential to the operation of agricultural and horticultural lands 483‑A
Farm silos, farm feed grain storage bins, commodity sheds, bulk milk tanks and coolers, and manure storage and handling facilities 483‑B
Historic barns 483‑C
Temporary greenhouses 483‑D
Farm or food processing labor camps or commissaries 483‑E
Anaerobic digestion facilities 484
Urban redevelopment corporations and companies 485
Nuclear powered electric generating facilities 485‑A
Residential-commercial urban exemption program 485‑B
Business investment exemption 485‑C
Exemption from taxation of real property used in manufacture of steel in cities of fifty thousand or more persons 485‑D
Water-works corporations 485‑E
Empire zone exemption 485‑F
Banking development districts 485‑G
Infrastructure exemption 485‑H
Residential investment exemption 485‑I
Residential investment exemption 485‑I*2
Residential investment exemption 485‑J
Residential property improvement exemption 485‑J*2
Residential investment exemption 485‑J*3
Residential investment exemption 485‑J*4
Residential investment exemption 485‑J*5
Residential investment exemption 485‑K
Residential investment exemption 485‑L
Residential property improvement 485‑L*2
Residential investment exemption 485‑M
Residential investment exemption 485‑N
Residential-commercial exemption program 485‑O
New residential property exemption 485‑P
Economic transformation area exemption 485‑Q
Residential investment exemption 485‑R
Residential redevelopment inhibited property exemption 485‑S
Residential reassessment exemption 485‑S*2
Residential reassessment exemption 485‑S*3
Mixed use exemption program for villages 485‑T
Owner occupied residential property exemption program 485‑U
Class one reassessment exemption 485‑V
Residential revaluation exemption 485‑V*2
Residential and mixed-use investment exemption 485‑W
Newly constructed single-family and multi-family residential exemption 485‑X
Affordable neighborhoods for New Yorkers tax incentive 486
Non-profit medical and dental indemnity, or hospital service corporations 486‑A
Non-profit corporations operating as health maintenance organizations 487
Exemption from taxation for certain energy systems 487‑A
Exemption from taxation of conservation improvements to certain residential premises 488
Retirement systems 488‑A
Rehabilitation of certain class B multiple dwellings and class A multiple dwellings used for single room occupancy 489
Exemption from taxation of alterations and improvements to multiple dwellings to eliminate fire and health hazards
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Apr. 15, 2016

§ 485-R’s source at nysenate​.gov

Link Style