ICAP provides abatements for property taxes for up to 25 years. Eligibility requires that industrial and commercial buildings built, modernized expanded, or physically improved. The location of the property, usage of its taxable assessed value, and length of time it takes to complete construction has an impact on whether the property is eligible for the abatement.
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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.