Application Partial Tax Exemption For New Construction Or Substantial Rehabilitation {421b}

NEW YORK CITY DEPARTMENT OF FINANCE G COMMERCIAL EXEMPTION UNIT TM Finance P AR T I AL T AX E XE M PT I ON FOR NE W CON ST R UCT I ON OR S UB ST A NT I AL R E HA B I L I T A T I O N OF OW NE R - OC C UP I E D O NE - A ND T WO -F A MI LY HO ME S Mail to: 4 2 1 b A P P L I C AT I O N DO NOT WRITE IN THIS SPACE DATE STAMP NYC Department of Finance, 421b - Commercial Exemption Unit, P.O. Box 3120 Church Street Station, New York, NY 10008-3120. 1. Borough: ___________________ SECTION I - S I T E I N F O R M AT I O N 3. Docket Number: 2. Site Address: ___________________________________________________________________________________________ City, State and Zip Code: _______________________________________________________________ Unit #: (if applicable) ______________ (located on the Certificate of Eligibility) Block: ____________________ Lot(s): _________________________________________ ________________________________________________________________ 2. Contact Person: ______________________________________________________ (number and street) 1. Name of Owner/Applicant: ________________________________________________________________________________ City, State Address: __________________________________________ and Zip Code: ______________________________________ Fax No.:___________________________________________ E-mail: ____________________________________________ Telephone No.:____________________ Daytime Telephone No.:____________________ SECTION I I - O W N E R / A P P L I C A N T I N F O R M AT I O N 3. Representatives Name (Note: If a representative is designated, correspondence will only be sent to him or her.) Firm/Business Name: __________________________________________________ (number and street) Representatives City, State Address: __________________________________________ and Zip Code: ______________________________________ Fax No.:___________________________________________ E-mail: ____________________________________________ 2. Has an application been made for any other New York City exemption or abatement program, either personal or commercial?................................................................................... 1. Will the lot(s) involved in this construction project be apportioned or merged? ............................................... If "YES," please submit a copy of Form RP-604 with your tentative lot numbers with this application. Tentative lot numbers can be obtained from Finances Surveyor Unit. SECTION I I I - P R O J E C T I N F O R M AT I O N K YES K YES K NO K NO If "YES," what program(s): ___________________________________________________________________________________ SECTION I, ______________________________________________________________, certify that the statements contained in this application, including any attachments to the application, are true to my knowledge. Print Owner/Applicant or Representative Name I V - C E R T I F I C AT I O N All submitted applications for the 421b exemption are subject to review in accordance with the laws and policies of New York State and the policies and procedures of the NYC Department of Finance. If any information you have provided on this application changes, you must notify Finance immediately. We recommend that you keep a copy of this application for your records. 421b Rev. 04/12/12 Signature of Applicant or Representative: ___________________________________ Date:_____________________ American LegalNet, Inc. www.FormsWorkFlow.com NEW YORK CITY DEPARTMENT OF FINANCE G COMMERCIAL EXEMPTION UNIT TM Finance PA RTI AL TA X E XEMP TIO N FOR NE W C ON STR UC TI ON O R SU BS TAN TI AL RE H AB IL I TA TI ON O F O WN ER -O C CU PI ED ON E- AN D TW O- F AM IL Y H OM ES OVERVIEW 4 2 1 b I NS TR UC T I ONS 421b provides a partial property tax exemption for newly constructed or substantially reconstructed one- to two-family dwellings. Substantial reconstruction means an alteration to a home that increases the assessed value by at least 40%. To obtain this exemption, you must first apply to the NYC Department of Housing Preservation and Development (HPD), which approves such projects. For each approved project, HPD issues two Certificates of Eligibility: a Preliminary Certificate of Eligibility prior to construction and a Final Certificate of Eligibility post construction. Both certificates must be submitted to the Department of Finance, but do not need to be submitted together. Submit each certificate to Finance immediately after it is issued. Your benefits will start once Finance processes your Preliminary Certificate. Projects may receive up to 2 years of benefits during the construction period. Post-construction benefits are for a period of 8 years. See the Phase-Out Schedule below for post-construction benefits. The property must be owner- occupied and cannot have commercial or professional space. Please contact HPD for further information on eligibility and benefits. You must file two 421b applications ­ the first when you receive a Preliminary Certificate of Eligibility for your planned construction, and the second, when you receive the final Certificate at the completion of the construction. Submit the original Preliminary and Final Certificates of Eligibility issued by the Department of Housing Preservation and Development. Submit a separate 421b application for each certificate. File this application immediately after the certificate is issued. Staten Island projects only: if you are submitting a Preliminary Certificate of Eligibility, include a copy of the deed. If the developer is filing the application, submit the developers deed only. NYC Department of Finance 421b-Commercial Exemption Unit P.O. Box 3120 Church Street Station New York, NY 10008-3120 INSTRUCTIONS 1) G G G G 2) Mail completed applications with required documentation to: 3) Applications are accepted throughout the year. Do not fax your submissions, as original documents are required. PHASE-OUT SCHEDULE FOR POST-CONSTRUCTION BENEFITS BENEFIT YEAR 1 ..............................................100 % 4..........................................62-1/2 % 8 YEARS (CODE 5111) 2 ..............................................100 % 3 ................................................75 % 6..........................................37-1/2 % 5 ................................................50 % 8..........................................12-1/2 % 7 ................................................25 % G G Questions for the Department of F