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Application-Partial Tax Exemption For New Construction-Substantial Rehabilitation-Owner-Occupied One- And Two Family Homes Form. This is a New York form and can be use in New York Local County.
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Tags: Application-Partial Tax Exemption For New Construction-Substantial Rehabilitation-Owner-Occupied One- And Two Family Homes, 421b, New York Local County, New York
NYC DEPAR TMENT OF FINANCE
421b APPLICATION
FINANCE
NEW
●
YORK
THE CITY OF NEW YORK
DEPARTMENT OF FINANCE
nyc.gov/finance
DO NOT WRITE IN THIS SPACE
DATE
STAMP
PARTIAL TAX EXEMPTION FOR NEW CONSTRUCTION OR SUBSTANTIAL
REHABILITATION OF OWNER-OCCUPIED ONE- AND TWO-FAMILY HOMES
Mail to:
NYC Department of Finance, 421b - Commercial Exemption Unit, P.O. Box 3120 Church Street Station, New York, NY 10008-3120.
SECTION
I - S I T E I N F O R M AT I O N
1. Borough: ___________________
Block: ____________________ Lot(s): _________________________________________
2. Site Address: ___________________________________________________________________________________________
City, State
and Zip Code: _______________________________________________________________ Unit #: (if applicable) ______________
3. Docket Number:
SECTION
(located on the Certificate of Eligibility)
________________________________________________________________
I I - O W N E R / A P P L I C A N T I N F O R M AT I O N
1. Name of Owner/Applicant: ________________________________________________________________________________
2. Contact Person: ______________________________________________________
Daytime
Telephone No.:____________________
City, State
Address: __________________________________________ and Zip Code: ______________________________________
(number and street)
Fax No.:___________________________________________ E-mail: ____________________________________________
3. Representative’s Name (Note: If a representative is designated, correspondence will only be sent to him or her.)
Firm/Business Name: __________________________________________________
Telephone No.:____________________
Representative’s
City, State
Address: __________________________________________ and Zip Code: ______________________________________
(number and street)
Fax No.:___________________________________________ E-mail: ____________________________________________
SECTION
I I I - P R O J E C T I N F O R M AT I O N
1. Will the lot(s) involved in this construction project be apportioned or merged? ...............................................
If “YES,” please submit a copy of Form RP-604 with your tentative lot numbers with this application.
Tentative lot numbers can be obtained from Finance’s Surveyor Unit.
2. Has an application been made for any other New York City exemption
or abatement program, either personal or commercial?...................................................................................
❑ YES
❑ NO
❑ YES
❑ NO
If “YES,” what program(s): ___________________________________________________________________________________
SECTION
I V - C E RT I F I C AT I O N
I, ______________________________________________________________, certify that the statements contained in this
Print Owner/Applicant or Representative Name
application, including any attachments to the application, are true to my knowledge.
Signature of Applicant or Representative: ___________________________________
Date:_____________________
All submitted applications for the 421b exemption are subject to review in accordance with the laws and policies of New York State and the policies and procedures of the NYC Department of
Finance. If any information you have provided on this application changes, you must notify Finance immediately. We recommend that you keep a copy of this application for your records.
421b 04/20/05
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NYC DEPAR TMENT OF FINANCE
421b INSTRUCTIONS
FINANCE
NEW
●
YORK
THE CITY OF NEW YORK
DEPARTMENT OF FINANCE
nyc.gov/finance
PAR TIAL TAX EXEMPTION FOR NEW CONSTRUCTION OR SUBSTANTIAL
REHABILITATION OF OWNER-OCCUPIED ONE- AND TWO-FAMILY HOMES
OVERVIEW
421b provides a partial property tax exemption for newly constructed or substantially reconstructed one- to two-family dwellings. Substantial
reconstruction means an alteration to a home that increases the assessed value by at least 40%. To obtain this exemption, you must first apply
to the NYC Department of Housing Preservation and Development (HPD), which approves such projects. For each approved project, HPD
issues two Certificates of Eligibility: a Preliminary Certificate of Eligibility prior to construction and a Final Certificate of Eligibility post construction. Both certificates must be submitted to the Department of Finance, but do not need to be submitted together. Submit each certificate to
Finance immediately after it is issued. Your benefits will start once Finance processes your Preliminary Certificate.
Projects may receive up to 2 years of benefits during the construction period. Post-construction benefits are for a period of 8 years. See the
Phase-Out Schedule below for post-construction benefits. The property must be owner- occupied and cannot have commercial or professional space. Please contact HPD for further information on eligibility and benefits.
INSTRUCTIONS
1)
You must file two 421b applications – the first when you receive a Preliminary Certificate of Eligibility for your planned construction, and
the second, when you receive the final Certificate at the completion of the construction.
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2)
Submit the original Preliminary and Final Certificates of Eligibility issued by the Department of Housing Preservation
and Development.
Submit a separate 421b application for each certificate.
File this application immediately after the certificate is issued.
Staten Island projects only: if you are submitting a Preliminary Certificate of Eligibility, include a copy of the deed. If the
developer is filing the application, submit the developer’s deed only.
Mail completed applications with required documentation to:
NYC Department of Finance
421b-Commercial Exemption Unit
P.O. Box 3120 Church Street Station
New York, NY 10008-3120
Do not fax your submissions, as original documents are required.
3)
Applications are accepted throughout the year.
PHASE-OUT SCHEDULE FOR POST-CONSTRUCTION BENEFITS
BENEFIT YEAR
8 YEARS
(CODE 5111)
1 ..............................................100 %
2 ..............................................100 %
3 ................................................75 %
4..........................................62-1/2 %
5 ................................................50 %
6..........................................37-1/2 %
7 ................................................25 %
8..........................................12-1/2 %
FOR FURTHER ASSISTANCE
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Questions for the Department of Finance? Visit our website at nyc.gov/contactfinance.
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Certificates of Eligibility are issued by HPD. For more information, visit the HPD website at nyc.gov/hpd, or call HPD
at 212-863-5421 for automated information.
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