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The 421-a program applies to developers in New York City who build multi-family housing on land that is "vacant, predominantly vacant, or underutilized." [2] 421-a applies to newly built, market-rate, [3] multi-family housing units, whereas a rehabilitated or converted multi-family residential building is subject to J-51 tax exemption and ...
Real estate developers have enjoyed a tax exemption called 421a for the last five years which has facilitated building in New York City through the coronavirus pandemic and the resulting worst real...
For many municipalities in the United States, property taxes are the primary source of revenue. The amount of forgone tax revenue as a result of these tax-exempt land parcels is significant. The president of the city council of Baltimore, MD, recently estimated that his city loses $120 million annually from these foregone taxes. [16]
In New York City, the STAR Program is a tax exemption for those who applied before Fiscal Year 2015-2016 and a tax credit there after for new applicants. [3] The program, which acts similarly to (but is much less extensive than) homestead exemptions in other states, was enacted on August 7, 1997, [ 1 ] a product of the annual budget of then ...
The settlement, which ends a federal court fight that began almost four years ago, allows the city’s residential tax abatement program to continue if city officials make changes to increase the ...
Jul. 13—In an effort to encourage property owners to make significant improvements and be rewarded with a tax break, Union County Board of Supervisors is considering a rural tax abatement program.