Industrial & Commercial Abatement Program (ICAP)

The 2023-2024 renewal period has ended.

This program provides abatements for property taxes for periods of up to 25 years. To be eligible, industrial and commercial buildings must be built, modernized, expanded, or otherwise physically improved. ICAP replaced the Industrial Commercial Exemption Program (ICIP) which ended in 2008. Previously approved ICIP benefits were not affected.

Applicants that successfully submitted their preliminary application within the required timeframe can use the combined Final ICIP/ICAP application below.


  • Location
    • New Commercial Construction can be anywhere in the City except in some parts of Manhattan- The area south of 96th Street (including the south side 96th Street) and north of Murray, Frankfort, and Dover Streets does not qualify.
    • Commercial Renovations can be anywhere in the City except in some parts of Manhattan- Areas that do not qualify: between 59th Street and 96th Street (including north side of 59th street and south side of 96th street). Below 59th Street, specific commercial Renovation benefits are available and additional benefits are provided in:
      • Garment Center District.
      • Lower Manhattan in the area between Murray Street, Battery Place, South Street and West Street.
    • Additional benefits may be granted for new commercial construction or renovations in special areas of the City.  Special areas of the city can be viewed with the links below:


  • Improvements
    • You must spend at least 30% of the property's Taxable Assessed Value no later than four years from the date the building permit was first issued or from the start of construction if no permit is required.
    • Industrial construction projects that spend 40% of the Taxable Assessed Value receive additional benefits.
    • Construction must be completed no later than five years from the date of issuance of the first building permit, or if no permit is required, from the start of construction.
  • Limitations on Eligibility
    • Utilities: As of May 18, 2011, benefits are available for electricity generating units defined as Peaking Units. Benefits are not available for any other utility property.
    • Retail: A property may be subject to different abatement schedules based on the percentage used for retail.
    • Residential: No more than 20% of the total rentable square footage can be dedicated to residential purposes. If so, apportionment is required.

    How to Apply

    1. File an ICAP Preliminary Application.
    2. After you submit the ICAP Preliminary Application and fee, you must get a building permit or you will not receive benefits if you get your permit before filing a Preliminary Application. If no building permit is required for the construction, you must submit a notarized letter from the project's architect or engineer notifying the Department of Finance within thirty calendar days of the end of construction.
    3. File all required annual Income and Expense Statements (RPIEs) for the property.
    4. Report all current construction to the Department of Finance semi-annually. This is required during the entire construction or renovation period until completion.

    Application Fees

    The filing fee applies only to preliminary applications received on or after April 1, 2017. For preliminary application received prior to April 1, 2017, no fees are required for any part of the process (Final application and notice of completion)

    • Preliminary Application - $150.00 (certified check or money order only)
    • Final Application - $500.00 (Certified check or money order only)
    • Notice of Completion - $1,000 (Certified check or money order only)

    Mail your check payable to "The NYC Department of Finance" to:

    The NYC Department of Finance
    Attn: Commercial Exemptions - ICAP Unit
    59 Maiden Lane, 22nd Floor
    New York, NY 10038

    Renewing Your Abatement

    The 2023-2024 renewal period has ended.

    Information you may find helpful in filing your renewal:

    Frequently Asked Questions

    Benefit Schedules

    Please follow the link below to find your approximate estimated benefit length and dollar amounts:
    ICAP Benefit Schedule


    Preliminary ICAP applications will be accepted until March 1, 2025. The Final Application must be filed within one year from the building permit issuance date (or when construction started if no permit was required), if the Preliminary application filing date is before 3/10/2017. The one-year requirement was modified for preliminary applications filed after 03/10/2017. For preliminary applications filed before 03/10//2017, Final Applications filed later than one year after the building permit was issued or when construction started (if no permit was required) will be automatically denied.


    Preliminary ICAP Application and Instructions
    Final ICAP Application

    View Benefits Online

    Click Below. Enter your borough, block and lot or property address to view your benefits.
    View Property Information.

    Download All NYC Property Data

    The Department of Finance has made the data for all NYC properties available on the NYC Open Data portal for download. Visit the Open Data page for more information.

    Need Help? Contact 311 or Email Us.