Your property may qualify for a property tax exemption if you:
- Constructed a new building or did major reconstruction (increasing the assessed value by at least 40%) to a one or two family private home or an owner-occupied multiple dwelling; or
- Converted non-residential properties to owner-occupied one or two family homes.
The NYC Department of Housing Preservation and Development (HPD) determines your eligibility and approves your application and Finance administers the benefit. To be eligible you must have started construction on a private home after July 1, 2002 and before July 1, 2006 and completed construction by July 1, 2011.
To apply you must first submit an application with HPD. Once you are approved by HPD, you will receive a Certificate of Eligibility. You must then submit Finance’s 421b application along with the Certificate of Eligibility you received from HPD.
Forms and Reports