Resurrected Tax Break for Renovations Will Help Landlords Comply With Building Emissions Law, Officials Say
Briefly

from City Limits2 months ago
The new version of the expired J-51 property tax incentive aims to encourage landlords to renovate apartments while helping them comply with Local Law 97, promoting sustainability.
City Limitshttps://citylimits.org/2024/12/12/resurrected-tax-break-for-renovations-will-help-landlords-comply-with-building-emissions-law-officials-say/
Advocates highlight that the revamped J-51 will enable landlords who invest in building upgrades to reduce property taxes by up to 70% for eligible projects.
City Limitshttps://citylimits.org/2024/12/12/resurrected-tax-break-for-renovations-will-help-landlords-comply-with-building-emissions-law-officials-say/
Elaine O'Brein stated, 'This bill will make a big difference for my building. It will save us $50,000 a year,' reflecting the financial relief offered by the new incentive.
City Limitshttps://citylimits.org/2024/12/12/resurrected-tax-break-for-renovations-will-help-landlords-comply-with-building-emissions-law-officials-say/
Though the previous J-51 faced criticism for landlords benefiting unfairly, the new law focuses more on affordable housing and limits eligibility to properties serving low to moderate-income tenants.
City Limitshttps://citylimits.org/2024/12/12/resurrected-tax-break-for-renovations-will-help-landlords-comply-with-building-emissions-law-officials-say/
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#property-tax-incentive #housing-policy #local-law-97 #affordable-housing #renovations
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