Industrial, Government and Not-For-Profit Tax Reduction Programs
The City and State of New York offer a number of Tax Reduction Programs to qualified Industrial, Government and Not-For-Profit property owners.
Institutional & Governmental Exemptions and Abatements
Government
Local, Federal or Foreign Governments who use real estate for official purposes are granted property tax exemptions.
Green Roof Tax Abatement
State law allows tax abatements for "Green Roofs". The tax abatement is equal to $4.50 per square foot of green roof space. The maximum benefit of the abatement is $100,000 or the tax liability of the eligible building – whichever is less. Condominium abatements are apportioned to the individual condominium units. Properties cannot receive both the green roof abatement and any of the following benefits: the ICAP abatement; 421-g; 421-a or 421-b while paying only the statutory minimum tax under these statutes; and properties that pay PILOTs. Applications must be filed by March 15th. Abatements are for one year beginning the July 1 that follows Department of Buildings approval.
NYC Department of Buildings Green Roof Fact Sheet
NYC Department of Buildings Green Roof Abatement
Form & Instructions
Industrial Development Agency (IDA)
The IDA is administered by the City’s Economic Development Corporation. It provides tax exempt financing to promote business expansion and increase employment. Not-for-profits as well as commercial businesses are eligible.
Not-for-Profit
Designed to decrease or eliminate property tax for properties used for charitable, educational, medical, or other exempt purposes.
Solar Electric Generating Systems Tax Abatement
State law allows tax abatements for installing solar electric generating systems in class 1-, 2- & 4- properties. When the Solar Electric Generating System (SEGS) abatement is applied for prior to January 1, 2011it may equal 8.75% of eligible SEGS expenditures; the amount of property taxes payable for the year; or $62,500– whichever is least. If applied for between January 1, 2011 and December 31, 2011 the abatement may equal 5% of eligible SEGS expenditures; the amount of property taxes payable for the year; or $62,500– whichever is less. Condominium abatements are apportioned to the individual units. Properties receiving the ICAP abatement; 421-g benefits; 421-a or 421-b benefits while paying only the minimum tax under these statutes; or those paying PILOTs, are ineligible for the SEGS tax abatement. Applications must be filed by March 15. The abatement’s four-year period starts on the July 1st following Department of Buildings approval.
NYC Department of Buildings Solar Electric Fact Sheet
NYC Department of Buildings Solar Panel Abatement Form
Additional Information
Individual Residential Property Exemptions and Abatements
Commercial Construction Exemptions and Abatements
Find Property Tax Benefit Information
