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Developer files for 485-a conversion exemption for renovated mixed-use 719 E. Genesee; city to review application
Summary
Owners seeking a 12-year 485-a partial tax exemption for a commercial-to-mixed-use conversion at 719 East Genesee presented documentation showing purchase and recent rehab; city staff said exemption appears to qualify but will review details before issuing notice.
The owner of 719 East Genesee Street presented materials to the Syracuse Board of Assessment Review on Feb. 21 seeking a 485-a partial tax exemption for a commercial-to-residential conversion. The board recorded that the property was acquired on Sept. 6, 2022 for $1.9 million and that renovations costing about $5.4 million were completed in late 2024.
A 485-a exemption (commercial-to-residential/mixed-use rehabilitation incentive) can provide a multi-year partial exemption for the increase in assessed value due to the rehabilitation. City staff said the conversion to first-floor commercial and upper-floor residential fits within typical 485-a use and that the submitted application and documentation appear to meet the statutory criteria, subject to final review of construction cost documentation and taxable status timing.
City staff explained the typical 12-year schedule for the incentive and confirmed that most of the rehabilitation increase is exempt in early years with a phase-in on the back end. The petitioner had not filed the 485-a timely with a prior assessor’s cycle, but the board indicated that the application on file would be considered on the merits and the assessor’s office would work with the owner to confirm eligibility and finalize the exemption calculation.
Ending: Staff said they would follow up with the owner for any remaining documentation; the board will record the city’s final determination in its April notice.
