A property owner can challenge the assessed property value by appealing with the NYC Tax Commission. The deadline for appeals for a class 1 property is March 15 and April 2 for all others. The Commission holds hearings between March and October to consider reducing assessments.
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 […]
It has been nearly a year since the City clarified the rules related to Affordable New York Housing Program (new 421-a). However, the developers of rental buildings are still struggling with the previously unfamiliar processes of Housing Lottery and tenant selection for income-restricted units.
