Get 421a Online Application Fillable Form

In order to see the type of 421a tax abatement, you need to pull up the most recent property tax bill (also on the left). At the bottom of the tax bill, you will see a line for the abatement as well as its duration, 25 years in this case.

The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City.

The 421a(16) Affordable Housing Exemption program is a partial tax exemption available for new buildings constructed throughout the five boroughs. In order to qualify the abatement, a rental project must allocate 25-30% of the units to Affordable Housing in ance with one of the affordable options listed below.

Under the Affordable Housing New York Program, certain homeownership projects are eligible for a 100% real estate tax exemption for up to three years during the construction period, with an additional 20-year exemption thereafter. For the first 14 years, projects will be eligible for a 100% exemption.

421a tax abatement benefits The key 421a tax abatement benefit in NYC is the reduction in property taxes you owe for the term of the program. The longer the term of the abatement (i.e. 10 years vs. 25 years), the larger the savings you receive during your period of ownership.

Under the Affordable Housing New York Program, certain homeownership projects are eligible for a 100% real estate tax exemption for up to three years during the construction period, with an additional 20-year exemption thereafter. For the first 14 years, projects will be eligible for a 100% exemption.

The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City.