The exemption is based upon the increase in assessed value attributable to the improvement. The amount of the abatement is based upon a schedule of allowances promulgated by the Department of Housing Preservation and Development. The abatement can range between 6 to 20 years and the exemption period is either 14 or 34 years. J-51 tax abatement and exemption benefits are available for major capital improvements performed at (1) eligible cooperatives and condominiums, (2) rental buildings subject to rent stabilization (3) certain Mitchell-Lama projects and (4) conversions from nonresidential to residential occupancy where there is substantial government assistance. Preliminary ICAP applications will be accepted until March 1, 2022. To be eligible, industrial and commercial buildings must be built, modernized, expanded, or otherwise physically improved. The fact that plaintiff has projects that might have received ICAP benefits at some point in the future is not a basis for the Court to enjoin defendants from enforcing a duly enacted law. The Industrial Commercial Abatement Program (ICAP) provides abatements for property taxes for periods of up to twenty-five (25) years. The law firm of Tuchman, Korngold, Weiss, Liebman and Gelles, LLP, has many years of experience handling these applications. The program at issueICAPis a tax abatement program used to encourage certain types of property improvement. 421-a is currently in effect for construction commenced in accordance with the 421-a law on or before December 31, 2015. Some geographical areas of the city require obtaining negotiable certificates or constructing 80-20 affordable housing projects, while other areas do not have such restrictions. In certain circumstances, up to three additional years of tax benefits may be obtained. An exemption covering the increase in real estate taxes may be obtained for a period of ten to twenty five years (depending upon the location and the type of 421-a benefit). New residential construction of multiple dwellings may be eligible for a tax exemption under the 421-a program. A final application for ICAP benefits must be filed within one year from the date a permit is issued. There are strict timing requirements and a preliminary application for ICAP benefits must be filed with the New York City Department of Finance prior to commencement of construction and prior to obtaining a construction permit from the New York City Department of Buildings. Provided there is an increase in the real estate taxes of at least 15%, ICAP may provide a substantial tax savings where a building is altered or constructed in the City of New York. Please identify yourself as one of the following: ICIP/ICAP Applicant (Developer) Construction Manager General Contractor Subcontractor Tenant 1a. as an Industrial & Commercial Abatement Program (ICAP) eligible economic. INDUSTRIAL AND COMMERCIAL INCENTIVE/ABATEMENT PROGRAM EMPLOYMENT REPORT (ICIP/ICAP) GENERAL INFORMATION 1. ICAP and ICIPįor owners of nonresidential buildings, the Industrial Commercial Abatement Program (ICAP) is available. for a tax abatement shall not apply to certain construction projects. If your property was eligible for Industrial Commercial Exemption Program (ICIP) benefits, you may still be eligible for renewal.There are numerous tax exemption and tax abatement programs available to property owners who construct new buildings or make alterations to existing buildings within the City of New York. Industrial & Commercial Abatement Program (ICAP) provides abatement for property taxes to eligible industrial and commercial buildings that are built or improved. 1,600 Parking spaces for residents and visitors complete with valet service (Phase I & Phase II) 25-Year ICAP tax abatement program for commercial. York City tax and zoning issues, including applying for Industrial & Commercial Abatement Program (ICAP), 421-a and 420-c real estate tax exemptions. As a new construction project the building enjoys a 421-a tax abatement for the residential portion of the building as well as a ICAP abatement for the commercial portion. Find out how you are eligible for these benefits as you plan your investment in NYC.īy filing an application with the Board of Standards and Appeals (BSA), your property may be eligible for relief from the existing zoning code and regulations. This is an excellent property to hold onto as a long-term investment and watch it grow and thrive well into the future. Park & Park, LLP has successfully represented many building owners and commercial real estate investors in obtaining these tax abatement and benefits that reduce property taxes substantially over 15 years. When it comes to managing or investing in a commercial property located in New York City, NYC Department of Finance offers a range of benefits and tax abatement that can expand your options.