Form RP-485-I (Jamestown): Residential Investment Real Property Tax Exemption Application

Form RP-485-I-Jamestown is a specialized property tax exemption application issued by the New York State Department of Taxation and Finance. It applies specifically to residential investment real property located within certain school districts tied to the city of Jamestown, New York. Property owners use this form to request a temporary reduction in the taxable assessed value of qualifying residential investment properties, encouraging reinvestment in older housing stock and rental units within the district.

Unlike broader residential exemption programs, this version of RP-485-I was drafted to align with local legislation adopted by specific municipalities and school districts that opted into the residential investment exemption program under New York Real Property Tax Law. Because the exemption terms, phase-out schedules, and eligible improvement thresholds can vary by locality, the state issues customized versions of the base RP-485-I form for districts like Jamestown that have their own adopted local law.

Who Needs This Form

This exemption is intended for owners of residential investment property, meaning property used for rental housing or similar income-producing residential purposes, who have made or plan to make qualifying improvements or new construction investments. To be eligible, the property must be located within the boundaries of the participating school district and the municipality must have adopted the local law authorizing the RP-485-I exemption.

Landlords, small-scale developers, and investors rehabilitating multi-family housing in Jamestown are the primary users of this form. It is not intended for owner-occupied single-family homes unless those homes are being operated as part of a qualifying investment property arrangement under the local law’s definition.

When to File

Applications must generally be submitted to the local assessor after construction or improvement work has been completed, but before the taxable status date set by the municipality. Because exemption applications are tied to the assessment roll cycle, missing the taxable status date typically means waiting an entire additional year before the exemption can take effect. Property owners planning renovations or new residential investment construction should contact the Jamestown assessor’s office early to confirm exact filing deadlines and required documentation, since local school district exemptions like this one often have narrower windows than statewide programs.

The exemption itself, once granted, typically phases in a reduced assessed value for a set number of years before gradually returning to full taxable value, similar in structure to other exemption categories such as the RP-485-A residential-commercial exemption, though the specific percentages and duration differ under Jamestown’s local law.

How to Complete and Submit the Form

Form RP-485-I-Jamestown is a fillable PDF (AcroForm), meaning applicants can type information directly into the form fields before printing and signing. The form requires details such as the property’s tax map identification number, a description of the improvements made, total construction costs, the date work was completed, and certification that the property meets the residential investment definition under the applicable local law.

Supporting documentation, such as building permits, cost breakdowns, or certificates of occupancy, is often requested by the assessor to verify the claimed improvements. Applicants should keep copies of all submitted materials, since assessors may request clarification or additional proof before granting the exemption.

Once completed, the form is submitted directly to the local assessor’s office serving the Jamestown school district, not to the state tax department. The assessor reviews the application, determines eligibility, and applies any approved exemption to the relevant assessment roll.

Property owners exploring other real property tax exemption categories in New York, whether for pollution control facilities, banking development districts, or urban residential-commercial projects, can find related guidance in posts covering air pollution control facility exemptions and branch bank exemptions in banking development districts, both of which follow a similar assessor-based application process despite covering different property types.

Because this form is district-specific, it should not be substituted with a generic RP-485-I form intended for other municipalities. Always confirm with the Jamestown assessor’s office that this exact version, dated 9/04, is still the current accepted form before submitting an application, since local laws and form revisions can change filing requirements over time.