3 Thousands of New York City Homeowners May Lose Tax Benefits

Фото: Depositphotos

New York Mayor Bill de Blasio, the Department of Housing and the Department of Finance of the city sent letters notifying the owners of 3 103 multi-apartment buildings that rent 37 141 flat that their tax breaks under the program, 421 will be suspended if they do not bring the leased buildings into compliance with the requirements of this program.

This is an extreme measure after years of efforts by city officials to force all homeowners who have received tax benefits to comply with the requirements of the 421 program, according to the press service of the New York City Hall.

If the tax breaks for the 421 program for these buildings are suspended, their owners will have to pay $ 304 million in property taxes in New York for the 2016 year.

“It is outrageous that property owners receive tax breaks and then simply ignore their legal responsibilities. Enough. Building owners who do not comply with the program will lose its benefits,” said Mayor De Blasio.

The warning was sent to the owners of those houses that receive property tax exemptions for 5 years, but have not yet met the requirements of the program. Buildings that do not correct the situation within 13 months will be denied benefits.

In 2016, tax breaks on the 421 program received about 173 thousands of buildings, which in total wrote off taxes in the amount of $ 1,2 billion.

According to 421 program, property tax relief may be available to homeowners who have converted their old buildings into rental homes, causing the building's value to increase significantly. At the same time, there is a list of requirements that such houses must meet - they are different for each district of New York.

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