While ICAP allows for benefits for all types of nonresidential The duration of the benefit period varies from 8 to 25 years,ĭepending on the location and anticipated use of the property, as well South of 96th Street and north of Murray, Frankfort and Dover Streets inĪdditional benefits are available for certain projects in specialĪreas of the City where development is encouraged. Industrial renovation include all parcels in the five boroughs exceptįor the area in Manhattan north of 59th Street and south of 96th Street.įor new construction, eligible projects may be anywhere in the fiveīoroughs except for certain parts of Manhattan, including properties Properties eligible for benefits under ICAP for commercial and Located in eligible areas of the five boroughs. Zoned primarily for non-residential purposes, and the property must be Required expenditure of 30% of the property's assessed value withinįour years of the start of construction, the property must be used and To qualify for the Program, an Applicant must meet a minimum Large and small, may be eligible for property tax abatements for new Incentivized by the City to improve their properties without negativeĪlthough the program has been in existence in various forms forĭecades, many taxpayers are unaware that construction at their
Tax savings over a benefit period of several years, taxpayers are In taxable assessed value due to eligible construction. The ICAP tax benefit places an abatement on the physical increase Usage, provides substantial tax benefits for periods of up to 25 years. The benefit period, which varies depending on property location and Modernized, expanded, rehabilitated or otherwise physically improved. Industrial and commercial properties which are newly constructed, ICAP, which is authorized by State law and managed by the New YorkĬity Department of Finance, grants real estate tax abatements for Half of 2017, non-residential expenditures are expected to climb With an increase in commercial building permits issued in the first
Spending in the five boroughs, with $17.3 billion dollars expended in Non-residential construction represented a majority of construction Retrieved from Ĭommercial development and renovation is booming in the fiveīoroughs of New York City, and now more than ever, it is important forĭevelopers and property owners to take advantage of the Industrial andĬommercial Abatement Program (ICAP), which can substantially abate realĮstate taxes due to new construction or renovation.Īccording to a report from the New York Building Congress,
MLA style: "ICAP a great incentive for commercial property owners." The Free Library.If your property was eligible for Industrial Commercial Exemption Program (ICIP) benefits, you may still be eligible for renewal. Industrial & Commercial Abatement Program (ICAP) provides abatement for property taxes to eligible industrial and commercial buildings that are built or improved. Find out how you are eligible for these benefits as you plan your investment in NYC.īy filing an application with the Board of Standards and Appeals (BSA), your property may be eligible for relief from the existing zoning code and regulations. Park & Park, LLP has successfully represented many building owners and commercial real estate investors in obtaining these tax abatement and benefits that reduce property taxes substantially over 15 years. When it comes to managing or investing in a commercial property located in New York City, NYC Department of Finance offers a range of benefits and tax abatement that can expand your options.