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Benefits for Property Construction
Finance administers a number of benefits for property construction in the form exemptions and abatements. Exemptions lower the amount of tax you owe by reducing your property's assessed value. Abatements reduce your taxes by applying credits to the amount of taxes you owe.
The NFP, ICIP, and ICAP 2022-23 renewal period has begun.
Click on the following links to learn more about each benefit:
421a Partial Tax Exemption for New Multiple Dwellings 421b Partial Tax Exemption for New Construction or Substantial Rehabilitation of Owner-Occupied One- and Two-Family Homes 421g (Expired on June 30, 2006) Commercial Expansion Program (CEP) Commercial Rent Tax (CRT) Special Reduction Commercial Revitalization Program (CRP) Division of Alternative Management Program (DAMP) Green Roof Tax Abatement Industrial and Commercial Abatement Program (ICAP) Industrial and Commercial Incentive Program (ICIP) J-51 Tax Exemption and Abatement for Residential Rehabilitation or Conversion to Multiple Dwellings Payment in Lieu of Taxes (PILOT) Agreements Solar Electric Generating Systems Tax Abatement Urban Development Action Area Program (UDAAP)