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In December 2004, the City of Rome and the State of New York signed a bill to offer tax exemptions for new construction. The new law, 485-i under the New York State Real Property Tax Law, provides a real property tax exemption on city taxes to property owners within the City of Rome who construct and occupy new structures on their property after April 1, 2004. The exemption is equal to 50% of the increase in the assessed value of the property for the first year. The exemption shall be decreased 5% per year for an additional 9 years.
The cost of such construction, alteration, installation or improvement must exceed $70,000. Ordinary maintenance and repairs do not qualify for the exemption.
Click on the following link to obtain an application for this exemption:
Residential Investment Real Property Tax Exemption Application
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