The Future of Real Estate Tax Exemptions

The importance of real estate tax incentives in New York City is widely understood across the housing and urban planning industry. However, as New York Citys need for real estate tax revenue increases, the benefits of tax exemption programs are subject to increasing scrutiny.

Following an extensive survey and an expert panel discussion in November, CHPC has now completed an in-depth report examining the future of real estate tax incentives, funded by Enterprise Community Partners. It sets out the next steps for such programs and a way forward for the most effective use of these tax exemptions in the future. This report focuses on the four real estate tax exemptions and abatement programs that are most commonly used today: J-51, 421-a, Article XI, and 420-c.