New York City’s J-51 Program provides real estate tax exemptions and abatements to multifamily buildings that are renovated or rehabilitated according to certain requirements. Property owners renovating their properties can generally receive a 34-year exemption from the higher real estate assessments resulting from the work if they agree to subject the renovated units to the city’s rent stabilization policy, which limits the annual rate at which rent can increase. These property owners can also receive a property tax abatement reducing existing taxes by a percentage of the cost of the renovations. According to the city, between 70,000 and 100,000 housing units are renovated under New York City’s J-51 Program each year.
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