Exemptions & Abatements

Which Properties Are Eligible to Receive ICAP Tax Benefits?

Our clients frequently ask whether their projects are eligible for New York City’s widely used Industrial & Commercial Abatement Program (ICAP). Although developers and property-owners have been utilizing ICAP (as well as its predecessor, ICIP) for a number of years, the question of project’s eligibility remains somewhat tricky to answer. In this post we’ll discuss […]

Exemptions & Abatements

Coop/Condo Abatement

A residential coop or condo unit qualifies for the abatement under RPTL Section 467-a (known as Coop/Condo Abatement), if all of the following are true.

Assessment ProcessExemptions & Abatements

Assessment Basics – Part II

Using one of the several appraisal methods allowed by state law, the City estimates the market value of each property. Once the market value is determined, the assessment ratio is applied in order to establish the portion of this value subject to taxation.

Exemptions & AbatementsNewsworthy

421A Tax Exemption Changes for 2016

The 421-a Tax Exemption law, originally enacted on July 1, 1971, was designed to spur economic and residential development in a faltering city. The program has now become synonymous with affordable housing.