Calculating J-51 Tax Exemption in NYC

[Roger Murdock]

Has anyone successfully mastered the technique for calculating J-51 exemptions in NYC? I am referring specifically to the exemption, not the abatement.

Working from the information provided by https://a836-propertyportal.nyc.gov/, I have been unable to duplicate the Department of Finance's results with any consistency. Their explanations are rather confusing, and no matter how I interpret them, the results don't match theirs.

(For an example of a property with J-51 tax benefits, take Block 879 Lot 1 in Brooklyn - this is a good example because the J-51 has already been in place for several years and is in the main stretch of the benefit term.)

If anyone has cracked this nut, I will be duly impressed.....

 

[esimo]

I did one last month.

Here are calculation details for J51.
https://a836-propertyportal.nyc.gov/calculations.aspx

But no wonder why the calculations are crazy... check out the application packet.
http://www.nyc.gov/html/hpd/downloads/pdf/J51-application.pdf

 

[Roger Murdock]

Great link, thanks.