Exemptions & Abatements
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Take full advantage of all available tax incentive programs in NYC.
485-x
The Affordable Neighborhoods for New Yorkers exemption, worth up to 40 years on new residential construction. MGNY runs the option analysis, the HPD registration and every filing, starting before the first building permit.
View ServiceOld 421-a
The previous 421-a program, known as 421-a (1-15), is a partial exemption from New York City property tax for the new construction of Class A multiple dwellings. The program closed to new construction starts at the end of 2015, but the benefits it granted run for as long as 25 years, and the filings, rent […]
View ServiceJ-51
J-51 is now two programs under one name. The original J-51, an as-of-right exemption and abatement for residential rehabilitation, expired for work completed after June 29, 2022, but the benefits it granted are still running on thousands of buildings and still carry obligations. Its successor, the J-51 Reform program known as J-51 R, is accepting […]
View ServiceReinstatement of Benefits
Finance (via City rules) prescribes strict reporting requirements for most properties receiving various tax exemption and abatement benefits. Non-compliance may lead to diminution, suspension and even revocation of such benefits. If you believe that the City has wrongly deprived your property of a tax exemption or abatement, MGNY can help you contest the determination by […]
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