J-51 Exemption & Abatement
J-51 is a property tax exemption and abatement for renovating a residential apartment building. The benefit varies depending on the building's location and the type of improvements.
Eligibility
The NYC Department of Housing Preservation and Development (HPD) determines eligibility for this program. NYC Department of Finance administers the benefit. Once approved you must complete and submit the J-51 Property Tax Exemption and Abatement Application. In order to submit the application you must have your approved Certificate of Eligibility from the HPD.
421a Exemption
Your property may qualify for a property tax exemption property tax exemption on new construction for multi-family buildings with a minimum of 4 units.
Benefits vary based on:
- location;
- property use; and
- requirements for affordable housing.
The NYC Department of Housing Preservation and Development (HPD) determines your eligibility and approves your application. NYC Department of Finance administers the benefit. Read more about the 421a Legislation