How current events impact business & real estate

Thursday, July 08, 2021

New Law Extends Tax Exemption for Certain Multiple Dwellings and Government-Assisted Projects

A new NYS law amends Real Property Tax Law section 489, extending tax exemptions for multiple dwellings undergoing alterations and improvements to eliminate fire and health hazards, from 2021 to 2022.

A multiple dwelling means a "dwelling that is either rented, leased, let or hired out, to be occupied, or is occupied as the residence or home of 3 or more families living independently of each other." (Multiple Dwelling Law Section §4 (7)). 

Fire and health hazards that qualify for the exemptions include non-fireproof stairs, windows, elevator shafts, dumbwaiters, fire-escapes, as well as a lack of direct entrance to the cellar or lowest story of a multiple dwelling.

If you own / manage a multiple dwelling and haven't started a project yet, you better act now before it's too late. 

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