§ 36-12 ICAP Abatement Schedules.
RCNY § 36-12
The abatement schedules below set forth the abatement amounts available pursuant to the ICAP program. While an applicant may meet the eligibility requirements for abatement benefits such abatement benefits will not be granted until the applicant complies with the notice of completion requirements set forth in 19 RCNY § 36-03(e). a. Abatement for commercial construction work outside of a special commercial abatement or a renovation area. Upon approval by the department of a final application for benefits, an applicant who has performed commercial construction work outside of a special commercial abatement area as described in 19 RCNY § 36-02(a), or a commercial renovation area, as described in 19 RCNY § 36-02(c), shall be eligible for an abatement of real property taxes as set forth below. Tax year during benefit periodAmount of abatementYears 1 to 11100% of abatement base1280% of abatement base1360% of abatement base1440% of abatement base1520% of abatement base b. Abatement for industrial construction work or commercial construction work in special commercial abatement areas where not more than 10% of the building or structure is used for retail purposes. Upon approval by the department of a final application for benefits, an applicant who has performed industrial construction work as described in 19 RCNY § 36-02(f), or commercial construction work in a special commercial abatement area as described in 19 RCNY § 36-02(e), on buildings where not more than 10% of the building or structure is used for retail purposes, shall be eligible for an abatement of real property taxes as set forth below. Tax year during benefit periodAmount of abatementYears 1 to 16100% of abatement base1790%1880%1970%2060%2150%2240%2330%2420%2510% c. Abatement for industrial construction work on a peaking unit. Upon approval by the department of a final application for benefits, an applicant who has performed industrial construction work on a peaking unit as described in 19 RCNY § 36-02(f) shall be eligible for an abatement of real property taxes as set forth below. Tax year during benefit periodAmount of abatementYears 1 to 15100% of abatement base d. Abatement for industrial construction work or commercial construction work in special commercial abatement areas, on buildings where more than 10% of the building or structure is used for retail purposes. Upon approval by the department of a final application for benefits, an applicant who has performed industrial construction work as described in 19 RCNY § 36-02(f) or commercial construction work in special commercial abatement areas as described in 19 RCNY § 36-02(e), shall be eligible for an abatement of real property taxes. Abatement benefits are available for the non-retail portion of such buildings or structures and 10% of the building or structure used for retail purposes in accordance with the 25 year schedule set forth in Subdivision b above. Any retail portion in excess of 10% of such building or structure is eligible for abatement benefits in accordance with the 15 year schedule set forth below. Tax year during benefit periodAmount of abatementYears 1 to 11100% of abatement base1280% of abatement base1360% of abatement base1440% of abatement base1520% of abatement base e. Abatement for renovation construction work in renovation areas.
(1)Upon approval by the department of a final application for benefits, an applicant who has performed renovation construction work in a renovation area, as described in 19 RCNY § 36-02(c)(1), shall be eligible for an abatement of real property taxes as set forth in the table below.
(2)Upon approval by the department of a final application for benefits, an applicant who has performed renovation construction work in a renovation area as described in 19 RCNY § 36-02(c)(2) shall be eligible for an abatement of real property taxes for the non-retail portion of such building or structure and up to 5% of such building or structure used for retail purposes as set forth in the table below. Any retail portion in excess of 5% of such building or structure is not eligible for abatement benefits. Tax year during benefit periodAmount of abatementYears 1 to 8100% of abatement base980% of abatement base1060% of abatement base1140% of abatement base1220% of abatement base f. Abatement for renovation construction work in renovation areas. Upon approval by the department of a final application for benefits, an applicant who has performed renovation construction work in a renovation area, as described in 19 RCNY § 36-02(c)(3) shall be eligible for an abatement of real property taxes for the non-retail portion of such building or structure and up to 5% of the building or structure used for retail purposes. Any retail portion in excess of 5% of such building or structure is not eligible for abatement benefits. Tax year during benefit periodAmount of abatementYears 1 to 5100% of abatement base680% of abatement base760% of abatement base840% of abatement base920% of abatement base1020% of abatement base g. Abatement for commercial construction work on new construction in certain areas of lower Manhattan. Upon approval by the department of a final application for benefits, an applicant who has performed new construction work in certain areas of lower Manhattan as described in 19 RCNY § 36-02(d) shall be eligible for an abatement of real property taxes Tax year during benefit periodAmount of abatementYears 1 to 4100% of the abatement base580% of the abatement base660% of the abatement base740% of the abatement base820% of the abatement base (Added City Record 2/10/2017, eff. 3/12/2017)
