Real Property Tax 485(b) Exemption

Every municipality in Greene County offers 485(b) tax exemptions for improved property, which ramps-up the increased valuation for improvements over a ten-year schedule.

Tax Exemption

The NYS 485(b) Property Tax Exemption aims to relieve the burden of project completion through tax exemption.

To apply for this exemption, eligible entities must complete Form RP-485-b and contact the New York State Office of Real Property Tax Services.

Eligibility Criteria

  1. Facility must be privately owned and operated.
  2. Must be located outside New York City.
  3. Property must be used primarily for buying, selling, storing or developing goods or services for the manufacture of assembly of goods, processing raw materials or for hotel or motel purposes.
  4. Cost of the construction or improvement project must be betweem $10,000 and $50,000, except for Accelerated Strategic Exemption; which allows project’s exceeding $50,000.

Download the 485(b) Tax Exemption Form

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