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421b Exemption

Your property may qualify for a property tax exemption if you:

  • Constructed a new building or did major reconstruction (increasing the assessed value by at least 40%) to a one or two family private home or an owner-occupied multiple dwelling; or
  • Converted non-residential properties to owner-occupied one or two family homes.

Eligibility

The NYC Department of Housing Preservation and Development (HPD) determines your eligibility and approves your application and Finance administers the benefit. To be eligible you must have started construction on a private home after July 1, 2002 and before July 1, 2006 and completed construction by July 1, 2011.

Application Process

To apply you must first submit an application with HPD. Once you are approved by HPD, you will receive a Certificate of Eligibility. You must then submit Finance's 421b application along with the Certificate of Eligibility you received from HPD.

Forms

421b Partial Tax Exemption for New Construction or Substantial Rehabilitation of Owner-Occupied One- and Two-Family Homes Application

General Forms

  • Computer Data Request - Use this form to request computer data. Upon completion of Parts A, B and C, fax this form to the Department of Finance, Legal Affairs Division.
  • Power of Attorney POA-1 - These instructions explain how the information entered on this power of attorney (POA) will be interpreted and the extent of the powers granted.
  • Military Request for Relief (from Lien Sales, ECB and Parking Judgments, and Tax Warrants)

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.

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