Residential-Commercial and Business Improvement Exemptions

Residential – Commercial Urban Exemption 485-a 
            This is a 12 year partial exemption for non residential property converted to a mix of residential and commercial uses. Cost of the conversion must be at least $10,000.

The exemption applies to the increase in assessment due to the eligible conversion
100% of the increase is exempted for 8 years
80% of the increase is exempted for the 9th year
60% of the increase is exempted in the 10th year
40% of the increase is exempted in the 11th year
20% of the increase is exempted in the 12th year


Business Improvement Exemption 485-b 
        This is a 10 year partial exemption for renovations done to commercial property. Renovation cost must be at least $10,000. With this exemption, 50% of the assessment increase due to the renovations is exempted in the first year, 45% in the 2nd year, 40% in the 3rd year, continuing to decrease 5% (of the increase) each year until fully taxable in the 11th year.

Historic Property Tax Exemption 444-a 
            This 10 year exemption is for rehabilitation of locally designated historic property. The alteration or rehabilitation must be approved by the Syracuse Landmark Preservation Board prior to commencement. 100 percent of the assessment increase due to the rehab is exempted for the first 5 years, then the increase is phased in 20% per year. This exemption only applies to City and School property taxes.

Questions concerning these exemptions should be directed to the:
Assessment Department
Room 130 City Hall
(315) 448-8280