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Get And Sign Request To Update Property Data For Tax Class NYC gov Nyc 2014-2021 Form

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the original 421a tax abatement program began in 1971 and is named after section 421 a of the New York property tax law the tax abatement was meant to encourage developers to build multi-family residential buildings with an emphasis on affordable housing in New York City how long will my 421a tax abatement last the 421a tax abatement on a property ranges from 10 to 25 years depending on which specific code it falls under codes 5 1 1 0 and 5 1 1 7 offer a 10 year term codes 5 1 1 3 and 5 1 1 8 have a 15 year term code 5 1 1 6 offers a 20 year term lastly code 5 1 1 4 offers a 25 year term buyers should carefully diligence the remaining term of any 421a tax abatement advertised on a listing most public search websites will only list the current monthly property taxes and only some websites may disclose that the building currently has a 421a tax abatement in place risks to buying a 421a tax abatement unit buyers should carefully diligence how many years are left in the 421a tax abatement

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