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Dan Stanford is the new Town of Irondequoit Assessor. Dan started in March and has been in the Assessor business since 2002 in many cities especially those with water-fronts. Dan presented a review of the RP-485-b Tax exemption. 485‑b offers a 10‑year phased exemption on the increase in assessed value due to new construction, alterations, installations, or improvements of commercial/business/industrial properties (outside NYC). Must exceed $10,000 in cost (though locally this threshold might be raised up to $50,000). Year 1: 50% of the added assessed value is exempt. Years 2–10: Exemption decreases by 5% each year (45%, 40%, ..., down to 5%). Applies only to NEW improvements (not regular maintenance) with completion evidenced by a certificate of occupancy. Must be used primarily for business purposes (e.g. storage, manufacturing, hotels/motels) but not residential units. If you're planning a substantial improvement (>$10k) to a commercial or industrial property outside NYC, RP‑485‑b is a valuable opportunity to defer tax increases through a phased 10-year schedule—with up to 50% relief initially. But success depends on timely application, compliance with local rules, and coordination with your assessor’s office. March 1st is a the major deadline date for filing. Dan also reviewed STAR program: A statewide program reducing school property taxes on owner-occupied primary residences. Comes in two flavors: Basic STAR – available to homeowners with combined adjusted gross income (AGI) ≤ $500,000. Enhanced STAR – for seniors (≥ 65) with lower income limits (≤ $107,300 for 2025, rising to $110,750 in 2026) STAR is delivered in 2 ways:
STAR Exemption: Applied as a reduction on the school tax bill. No new exemptions are available for homeowners who purchased after March 2015 – only existing recipients may continue. STAR Credit: A rebate via check or direct deposit—-replacing exemption for new homeowners or those who switch Discussion on EQ Rate (Equalization Rate): The EQ rate attempts to equalize tax burdens by adjusting for how closely a town assesses property values to real market values. A low rate means you’re likely paying tax on a fraction of your home’s actual value, which affects comparisons, exemptions, and grievances. If your home is assessed at $150,000 and the EQ rate is 60%, the state estimates the market value is: $150,000/0.6 = $250,000. Irondequoit does not conduct a full reassessment annually. These are done periodically, often every 5–10 years or as needed based on market shifts. For instance, a 2023 reassessment was prompted by significant market value increases since the prior full reassessment in 2018. Some cities across NY have not done a reassessment in many years and have EQ Rates below 1%.
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