485-a Residential-Commercial Urban Exemption
Section 485-a of the Real Property Tax Law authorizes a declining 12-year partial exemption from real property taxation and special levies for non-residential property converted to a mix of residential and commercial uses. The application must be filed with the assessor on or before the applicable taxable status date. Once the exemption has been granted, the exemption may continue for the authorized period provided that the eligibility requirements continue to be satisfied. It is not necessary to reapply for the exemption after the initial year in order for the exemption to continue.

Contact the City of Albany Tax Assessor at (518) 434-5155 for more information.

City of Albany Historic Property Tax Abatement
This is an exemption for improvements to Historic Property in the City of Albany and applies only to City property taxes (does not apply to County or School taxes). This exemption is to provide a property tax incentive to encourage investment in and rehabilitation of historic properties. This exemption applies to any increase in value attributable to the alteration, rehabilitation or renovation of a historic property. There will be a five-year 100% abatement of the increase in assessed value resulting from the project. The abatement will be reduced by 20% in each of the next six (6) years until taxes are paid on 100% of the assessed value of the property. Some restrictions regarding conformity to local law and approval by local preservation commissions do apply.

Contact the City of Albany Tax Assessor at (518) 434-5155 for more information.