Two Queens lawmakers announced the passage of legislation that would grant relief to property owners who make improvements to their buildings.
Known as the J-51 property tax exemption and abatement program, the bill is sponsored by Senator Toby Ann Stavisky and Assemblyman Edward Braunstein. Under J-51, relief would be given to property owners who renovate residential apartment buildings or convert commercial structures into residential units.
“Renewing the J-51 tax incentive will provide needed property tax relief to eligible New York City co-ops while ensuring that buildings and structures undergo necessary capital and safety improvements. I will continue to advocate for property tax reform in Albany and I thank Senator Stavisky for her support on this issue,” Braunstein said.
In order to allow more property owners to take advantage of J-51, the lawmakers said that it would be renewed for one year until June 30, 2022. The bill will utilize the assessed valuation — which determines the property tax rate — prior to construction. The tax abatement will reduce the tax owed at that time.
This tax exemption provides relief by utilizing the assessed valuation (the property tax rate is based on the assessed valuation) prior to construction. The tax abatement reduces the tax owed at that time.
“The J-51 program was designed to help property owners improve their property. It incentivizes property owners to amend and modernize their buildings to eliminate fire and other hazards,” Stavisky said. “These incentives have helped ensure the safety of New York City tenants and provide needed building renovations. They have also helped provide affordable housing while reducing blight within our communities. I thank my colleagues in the Senate and Assembly for passing this extension.”
Following passage in the Senate and Assembly, the J-51 bill is being delivered to the governor’s office.