Between the years of 1992 and 2013 buildings that carried an assessed value of less than $40,000 were eligible to file for a J-51 for renovation work that qualified for the abatement. In 2013, the limits were tightened to an assessed value of $30,000 or less, leaving a large chunk of middle-income buildings in the lurch when it came to receiving abatements to offset the very expensive work that they were doing.
In response to this, the New York State Senate recently passed a bill to increase the limits back up to $32,000, which should carve out a niche of buildings that can now get back into the program and file for their benefits. In addition to this increase now, the future increases will be tied to the cost of living index, so that it can continue to grow at the right pace over time, ensuring that those middle-income buildings can continue to enjoy those benefits.
The J-51 program has benefited many buildings that we manage, allowing major capital improvements to be completed, including complete facade projects, new boilers, elevators and similar capital projects. Utilizing an attorney that is proficient in these filings, we work with them to compile all of the information that is needed to allow the building to receive an abatement over a period of time.
Download J51 Application Here