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What is a 421a Tax Abatement In NYC? A 421a tax abatement lowers your property tax bill by applying credits against the total amount you owe. It is most commonly granted to property developers in exchange for including affordable housing and the benefit lasts for 10 to 25 years.
J-51 is a property tax exemption and abatement for renovating a residential apartment building. The benefit varies depending on the building's location and the type of improvements.