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.