Sign up
Contact Us (212) 755-5544
CityRealty Logo
 
 
 
 
 
 
A blog from CityRealty (Links below will take you to the 6sqft site)
 
 

Features

Best tax abatement deals NYC Best Tax Abatement Deals in NYC Right Now
New York City has in place several programs that temporarily reduce buyers' carrying costs for condo and co-ops. Taking advantage of such incentives can save some condo owners / co-op shareholders thousands of dollars a year in property taxes.

One overarching program for apartment buyers is the New York City Cooperative and Condominium Tax Abatement where qualifying co-op and condo unit owners can receive a property tax reduction ranging from 17.5% to 28.1% a year. The amount of the abatement is based on the assessed value of the residential units. The condo owner /co-op shareholder must use the unit as their primary residence and cannot qualify if the unit already benefits from a J-51 exemption, 420c, 421a, 421b, or 421g tax abatement programs.

Check out the list and map below to find the best Tax Abatement deals right now in NYC.
10. SoHa 118, 301 West 118th Street

2 Apartments Priced From $1.299

Tax Abatement Ending 2035

301 west 118th street (Corcoran)
9. On Prospect Park, 1 Grand Army Plaza

1 Apartment Priced At $3.5M

421-A Tax Abatement Is In Place Until 2035

1 grand army plaza (Corcoran/Sotheby's International Realty)
8. The Edge North Tower, 34 North 7th Street

2 Apartments Priced From $1.275M

421-A Tax Abatement Through 2036

34 north 7th street (Corcoran)
7. The Edge South Tower, 22 North 6th Street

2 Apartments Priced From $799K

421-A Tax Abatement Through 2036

22 north 6th street (Compass)
6. Toren, 150 Myrtle Avenue

1 Apartment Priced At $1.545M

25-Year Tax Abatement Until 2035

150 myrtle avenue (Corcoran)
5. 854 Putnam Avenue

1 Apartment Priced At $1.059M

Expected 421A 20-Year Tax Abatement

854 putnam avenue (Douglas Elliman)
4. One Riverside Park, 50 Riverside Boulevard

4 Apartments Priced From $2.4M

Tax Abatement Ends June 30th, 2037

50 riverside boulevard (Corcoran)
3. One Manhattan Square, 252 South Street

21 Apartments Priced From $1.213M

20-Year Tax Abatement

one manhattan square (Extell Marketing)
2. Circa Central Park, 285 West 110th Street

7 Apartments Priced From $1.995M

25-Year 421A Tax Abatement

circa central park Town Residential
1. The Greenpoint, 21 India Street

29 Apartments Priced From $835K

25-Year 421A Tax Abatement

21 india street (Corcoran)
In the map below, you’ll mostly find two provisional tax-abatement programs that are attached to a qualifying apartment or building. They are typically acquired by the sponsor developer or owner and are passed down to units within the building. The 421a tax exemption program was started in 1971 to encourage the development of underutilized or vacant property by dramatically reducing property taxes for a set amount of time. Developers who qualify can benefit from exemptions that usually last between 10 and 25 years. For condo developments the abatements are passed on to the apartment and gives their owners a 100 percent exemption from any increases in their property taxes for the first two years and then taxes are incrementally increased.

The 421-g Tax Incentive program was a real estate tax exemption and abatement for the conversion of commercial buildings, or portions of buildings, into multiple dwellings. It applied to areas of Lower Manhattan south of Murray Street, City Hall, and the Brooklyn Bridge. Read more about the exemption here.

The J-51 property tax exemption program is granted to residential buildings (typically rent regulated) to encourage and subsidize renovations. According to the city’s website, a J-51 property tax exemption effectively freezes a building’s assessed value in its pre-renovated state. Thus the owner or shareholders do not have to pay the increase in property taxes caused by the increase in assessed value from the rehabilitation work. See the length and value of J-51 tax benefits here.
One-of-a-kind triplex townhomes designed by Thomas Juul-Hansen. View Property
1-4 bedroom residences priced from $2.085M. Immediate occupancy. View Property
Expansive NYC and Hudson River views with amazing amenities, nestled between Chelsea and Theater District View Property
Uptown, service-forward, modern luxury studio to 3-bedroom rentals View Property
{"version":"1.2.0","filters":{"registrationUserType":{"options":[{"label":"Buy","value":"buy","active":false},{"label":"Rent","value":"rent","active":false},{"label":"Sell","value":"ipo","active":false},{"label":"Agent","value":"broker","active":false}],"type":"select","name":"user type"},"registrationBedrooms":{"options":[{"label":"Studio","value":0,"active":false},{"label":"1 Bed","value":1,"active":false},{"label":"2 Beds","value":2,"active":false},{"label":"3 Beds","value":3,"active":false},{"label":"4 Beds","value":4,"active":false},{"label":"5+ Beds","value":10,"active":false}],"type":"select","name":"bedrooms"},"saleBuildingType":{"options":[{"label":"Condo","value":"condo","active":false},{"label":"Co-op","value":"coop","active":false},{"label":"Condop","value":"condo-coop","active":false},{"label":"Townhouse","value":"townhouse","active":false}],"type":"select","name":"building type"},"rentalBuildingType":{"options":[{"label":"Condo","value":"condo","active":false},{"label":"Co-op","value":"coop","active":false},{"label":"Condop","value":"condo-coop","active":false},{"label":"Rental","value":"rental","active":false}],"type":"select","name":"building type"},"registrationBuyersBudgets":{"options":[{"label":"<span class='up-to'>up to <\/span>$500K","value":500000,"active":false},{"label":"<span class='up-to'>up to <\/span>$750K","value":750000,"active":false},{"label":"<span class='up-to'>up to <\/span>$1.5M","value":1500000,"active":false},{"label":"<span class='up-to'>up to <\/span>$2.5M","value":2500000,"active":false},{"label":"<span class='up-to'>up to <\/span>$5M","value":5000000,"active":false},{"label":"<span class='up-to'>up to <\/span>$10M","value":10000000,"active":false},{"label":"<span class='up-to'>up to <\/span>$25M","value":25000000,"active":false},{"label":"no limit","value":50000000,"active":false}],"type":"select","name":"budget_buyer"},"registrationRentersBudgets":{"options":[{"label":"up to $2,000","value":2000,"active":false},{"label":"up to $4,000","value":4000,"active":false},{"label":"up to $6,000","value":6000,"active":false},{"label":"up to $8,000","value":8000,"active":false},{"label":"up to $10,000","value":10000,"active":false},{"label":"up to $25,000","value":25000,"active":false}],"type":"select","name":"budget_renter"},"registrationRegions":{"options":[{"id":1,"label":"Upper East Side","value":[3,4,8,9,34],"image":"https:\/\/ds3.cityrealty.com\/img\/f009c2ec3c97347fa5bd6ae37c0d85a2289faf1e+w+h+0+60\/upper-east-side.jpg"},{"id":2,"label":"Upper West Side","value":[10,11,14,16,17],"image":"https:\/\/ds2.cityrealty.com\/img\/df0e47bbc38552ece1dc102b411619fb4f509bee+w+h+0+60\/upper-west-side.jpg"},{"id":11,"label":"Midtown","value":[1,5,6,7,15],"image":"https:\/\/ds4.cityrealty.com\/img\/bbc6bccd6c96cd025f40fe9a3e210124a742dd42+w+h+0+60\/midtown.jpg"},{"id":3,"label":"Downtown","value":[21,23,24,25,26,28,30,31,32,33,39,40],"image":"https:\/\/ds3.cityrealty.com\/img\/77835ac8b10f7437f468f16073e8455b2697b1f7+w+h+0+60\/downtown.jpg"},{"id":13,"label":"Financial District\/BPC","value":[20,27],"image":"https:\/\/ds1.cityrealty.com\/img\/46d1cec3cdffe39d15e40a0d0d03e8bbe4998fab+w+h+0+60\/financial-district-bpc.jpg"},{"id":12,"label":"Upper Manhattan","value":[13,19,36,42,101],"image":"https:\/\/ds3.cityrealty.com\/img\/3dfca010ace6cb0aca5091064cc830dbfee70b2f+w+h+0+60\/upper-manhattan.jpg"},{"id":4,"label":"Brooklyn","value":[201,204,206,207,209,210,211,213,215,219,223,231,232,233,237,238,1200,1415,1421,1565],"image":"https:\/\/ds3.cityrealty.com\/img\/e863ea530699d71fdd61e1887f27c0dd50dc28be+w+h+0+60\/brooklyn.jpg"},{"id":5,"label":"Queens","value":[1483],"image":"https:\/\/ds3.cityrealty.com\/img\/a402bb6e13af8ade973b6c8a5812df054c75cf1b+w+h+0+60\/queens.jpg"},{"id":18,"label":"Bronx","value":[406],"image":"https:\/\/ds2.cityrealty.com\/img\/19a9137cad718b7872ff1a420c0f72128ac03fea+w+h+0+60\/bronx.jpg"}],"open":false,"name":"Regions"}},"invitedUserInfo":null}