Tax Reduction Programs

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	Tax Reduction Programs Finance offers property tax reduction programs, such as exemptions and abatements. These programs reduce annual taxes for owners of certain residential and commercial properties. Exemptions provide tax relief by reducing a property's taxable assessed value. This is the portion of the assessed value to which the tax rate is applied. Abatements also reduce the amount of tax due by crediting a dollar amount against the tax liability. Tax Reductions for Invidual Residential Property Owners Commercial Constructions Exemptions and Abatements Individual Owner-Occupied Exemptions and Abatements Tax Reductions for Individual Residential Property Owners Finance provides programs reducing the residential taxable assessed value of a property used to calculate the tax owed. Finance offers the following Exemption Benefit Programs: Basic and Enhanced NYS School Tax Relief (STAR) Clergy Exemption Cooperative and Condominium Tax Abatement Disabled Homeowner Exemption (DHE) J-51 Senior Citizen Homeowner Exemption (SCHE) Veteran’s Exemption Use the Property Tax Benefit Information Lookup to access existing benefit information. Find Property Tax Benefit Information Program Descriptions Basic and Enhanced NYS School Tax Relief (STAR) Basic – A standard benefit amount available to most owner-occupied property owners. Enhanced – An additional reduction for senior citizens with income under certain levels and not qualifying for SCHE (See below). The reduction is added to STAR. Clergy Exemption A Clergy exemption is available for one (1) property owned by a Minister of the Gospel, Priest, Rabbi or Imam of any denomination. Cooperative and Condominium Tax Abatement Offered to owners or tenant-shareholders of Class 2 condominiums or cooperatives. It provides partial tax relief to reduce the gap in taxes paid between Class 1 and Class 2 residential property owners. Disability Homeowner Exemption (DHE) The DHE program offers exemptions for owners with qualified disabilities. Disabled Crime Victim and Good Samaritan Exemption Designed to provide tax relief for disabled crime victims and Good Samaritans. Modifications must be made to a one-, two-, or three-family home, as a result of that crime. The changes must accommodate the victim’s special needs. J-51 The J-51 Benefit gives a partial tax exemption and abatement benefits for the renovation of residential properties. The benefits vary depending on how much the property was improved and its location. Senior Citizens Rent Increase Exemption (SCHE) This program offers a further reduction, along with STAR and Enhanced STAR, for Seniors with qualified incomes. Veterans' Exemption Qualified military veterans, and certain family members, can receive property tax exemptions up to 15% of their assessed property value. Special Programs Military Request for Relief Active duty military personnel may request relief from the Lien Sale, Tax Warrants, Environmental Control Board judgments, and Parking judgments. Information must be provided about their military service. Commercial Construction Exemptions and Abatements Programs for reducing the taxable assessed value of a property are available. Finance has the following commercial benefit programs: Construction of 3 or more Residential Units (421a) New Construction of one to two-Family Homes (421b) Commercial Expansion Program (CEP) Commercial Revitalization Program (CRP) Division of Alternative Management Program (DAMP) Green Roof Abatement Industrial and Commercial Abatement Program (ICAP) (Replaces ICIP) Relocation and Employment Assistance Program (REAP) UDAAP Use the Property Tax Benefit Information Lookup to access existing Commercial Property benefit information. Find Property Tax Benefit Information Program Descriptions 421a This program promotes construction of multi-family residential buildings. The building must have at least three dwelling units. 421b Developed to encourage new construction or major renovation of one- and two-family homes to make home ownership more affordable. 421g Encourages the conversion of non-residential buildings in Lower Manhattan to residential use. This program is no longer accepting new applications. Commercial Expansion Program (CEP) Promotes the development of commercial and industrial areas outside of Manhattan's central business districts. CEP Provisions for Industrial and Manufacturing Tenants CEP Summary of Benefits Commercial Revitalization Program (CRP) Enacted to increase tenant occupancy in office and retail space in lower Manhattan and other areas of the City. The program encourages investment in older commercial space or conversion to residential use. CRP Summary of Benefits Division of Alternative Management Program (DAMP) Developed to return City-owned residential properties to private ownership. Industrial and Commercial Abatement Program (ICAP) (Replaces ICIP) The ICAP program provides abatements of real property taxes for varying periods up to 25 years for eligible industrial and commercial buildings. These buildings must be constructed, modernized, rehabilitated, expanded, or otherwise physically improved. Lower Manhattan Relocation and Employment Assistance for Eligible Businesses (LMREAP-EB) The Lower Manhattan Relocation and Employment Assistance Program (LMREAP) offers eligible businesses income tax incentives for moving to certain lower Manhattan areas from outside the City. At least one employee must move from outside the City to the lower Manhattan area. Lower Manhattan Relocation and Employment Assistance for Special Eligible Businesses (LMREAP-SEB) The Lower Manhattan Relocation and Employment Assistance Program (LMREAP) for Special Eligible Businesses was created to extend LMREAP business income tax incentives to businesses that move to certain lower Manhattan areas from outside the City. At least 250 employees, or a large number of staff to increase its payroll in the City by 25%, (whichever is fewer), must be moved. Relocation and Employment Assistance Program (REAP) The Relocation and Employment Assistance Program (REAP) encourages businesses to relocate from outside the City and from below 96th Street in Manhattan to above 96th Street in Manhattan or to one of the other four boroughs. REAP offers business income tax credit for moving to one of these areas. The tax credits are based on the number of qualified jobs at the relocation. Urban Development Action Area Program (UDAAP) Designed to encourage the construction of residential housing on formerly City-owned land in certain areas. Institutional & Governmental Exemptions and Abatements Government Property tax exemptions are given to local, Federal or Foreign Governments who use the property for official purposes. This includes maintaining offices for government representatives. Industrial Development Agency (IDA) The IDA is administered by the City’s Economic Development Corporation and provides tax exempt financing to promote business expansion and increase employment. It can be in the not-for-profit area as well as in manufacturing or industrial. Not-for-Profit Designed to decrease or eliminate property tax for properties used for charitable, educational, medical, or other exempt purposes. All Classes Green Roof Abatement New York State law allows for tax abatements for "Green Roofs". NYC Department of Buildings Green Roof Fact Sheet NYC Department of Buildings Green Roof Abatement Form & Instructions Solar Panel Abatement Classes 1, 2 & 4 New York State law allows for tax abatements for installing solar electric generating systems. NYC Department of Buildings Solar Electric Fact Sheet NYC Department of Buildings Solar Panel Abatement Form

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