Instructions for Form RP-421-I [BUFFALO] Application for Real Property Tax Exemption for Capital Improvements to Multiple Dwelling Buildings Within Certain Cities - City of Buffalo, New York

Form RP-421-I [BUFFALO] Application for Real Property Tax Exemption for Capital Improvements to Multiple Dwelling Buildings Within Certain Cities - City of Buffalo, New York

This document contains official instructions for Form RP-421-I [BUFFALO] , Application for Multiple Dwelling Buildings Within Certain Cities - a form released and collected by the New York State Department of Taxation and Finance. An up-to-date fillable Form RP-421-I [BUFFALO] is available for download through this link.

FAQ

Q: What is Form RP-421-I?
A: Form RP-421-I is an application for real property tax exemption in the City of Buffalo, New York for capital improvements to multiple dwelling buildings.

Q: What is the purpose of Form RP-421-I?
A: The purpose of Form RP-421-I is to apply for a tax exemption for capital improvements made to multiple dwelling buildings in the City of Buffalo.

Q: Who needs to file Form RP-421-I?
A: Owners or developers of multiple dwelling buildings in the City of Buffalo who have made capital improvements may need to file Form RP-421-I.

Q: What are capital improvements?
A: Capital improvements are significant renovations or upgrades made to the structure of a building that enhance its value.

Q: What is the benefit of filing Form RP-421-I?
A: Filing Form RP-421-I may allow the property owner to qualify for a tax exemption on the increased assessed value resulting from the capital improvements.

Q: What documents are required to accompany Form RP-421-I?
A: The required documents may vary, but generally include proof of ownership, detailed cost documentation for the capital improvements, and any related permits or approvals.

Q: When is the deadline to file Form RP-421-I?
A: The deadline to file Form RP-421-I is usually within 30 days from the completion of the capital improvements.

Q: How long does the tax exemption last?
A: The tax exemption provided through Form RP-421-I is generally granted for a period of 8 years.

Q: What if I have more questions about Form RP-421-I?
A: For more information or specific questions about Form RP-421-I, it is recommended to contact the City of Buffalo's assessor's office.