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The New York State Senate and Assembly recently passed legislation extending the J-51 property tax exemption and abatement program. The J-51 tax incentive is an as-of-right tax exemption and abatement for residential rehabilitation or conversion to multiple dwellings. J-51 participants are exempt from tax increases resulting from residential renovation or conversion work for either 14 or 34 years. They can then receive a break on existing real estate taxes of 8.3 percent or 12.5 percent of the cost of the work for up to 20 years.
