Description:
This exemption provides a partial 10-year exemption from taxation for newly constructed or improved commercial buildings. It provides an initial 50% exemption reduced by 5% per year over the 10-year period on the increase in value from new construction.
Requirements:
Application must be filed within one year of the completion of the project; the facility must be owned or operated by a private individual or organization; the minimum cost of construction for the project must be $10,000-$50,000; property must be used primarily for buying, selling, storing, or developing goods or services, for the manufacture or assembly of goods, for processing raw materials, or for hotel or motel purposes (but not for any other type of dwelling accommodations for residents or transients).
For more information about this exemption, please see the NYS Department of Tax and Finance’s Business Investment Property page.
Other Exemptions
Persons with Disabilities and Limited Income
Volunteer Firefighters and Ambulance Workers
For a complete list of NYS property tax exemptions, see NYS Department of Taxation and Finance.