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Showing posts with label tax exemption. Show all posts
Showing posts with label tax exemption. Show all posts

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.