The City provides tax incentives for property owners and developers who construct new properties or renovate existing properties to create commercial, industrial, or office space.

The Commercial Expansion Program (CEP) provides property tax abatements for new, renewal, and expansion leases for commercial offices and industrial spaces to increase tenant occupancy in a designated abatement zone. The abatement is passed through to the tenant as a reduction in rent.

Eligibility has been extended to June 30, 2021.

The renewal deadline is July 1, 2019.

Learn more about the program and how to apply.

If you currently participate in this program and need information or assistance, you can get help from DOF.

Online

Contact the Department of Finance.

By Phone

Call 311 for assistance.

The Commercial Revitalization Program (CRP) was designed to:

  • Increase tenant occupancy in office and retail space in lower Manhattan and in certain other areas of the City
  • Reduce building obsolescence by encouraging investment in older commercial space or conversion to residential use.

The CRP provides tax incentives through a property tax abatement and Commercial Rent Tax special reduction for nonresidential or mixed-use premises built before 1975 and located in designated abatement zones. Applicants are also required to make certain minimum expenditures to improve the eligible premises.

Eligibility has been extended to March 30, 2021. The benefit period has been extended to March 30, 2027.

The renewal deadline is July 1, 2019.

Learn more about the program and how to apply.

If you currently participate in this program and need information or assistance, you can get help from DOF.

Online

Contact the Department of Finance.

By Phone

Call 311 for assistance.

The Industrial and Commercial Abatement (ICAP) program provides abatements of property taxes for varying periods of up to 25 years for eligible industrial and commercial buildings that are built, modernized, rehabilitated, expanded, or otherwise physically improved.

New Applicants

The deadline to file an application for ICAP benefits has been extended to March 1, 2022.

The deadline to file an ICAP application for energy rebates has been extended to June 30, 2020.

ICAP benefits will not be granted for construction work under building permits that are issued after April 1, 2022. If a building permit isn't required, ICAP benefits will not be granted for construction work that starts after April 1, 2022.

You can get more information, review FAQs, and fill in and print the application form on DOF's website. You can also verify your application status on the Property List page.

Learn more about the program and how to apply.

Renewals

You must submit a Certificate of Continuing Use (CCU) for your ICIP exemption every year and you must renew your ICAP property tax abatement every two years.

The Department of Finance (DOF) mails notices to recipients when it is time to renew and includes a User ID and password so you can renew online.

The deadline to renew for 2019/20 was April 1, 2019. If the Department of Finance (DOF) didn’t receive your renewal, you will automatically lose the benefits and your property taxes will increase starting July 1, 2019.

The online User Guide provides instructions on the process.

Renew your ICAP benefit.

Download the online renewal user guide.

For more information about your benefits or to get your user ID or password, email DOF at exemptionspolicy@finance.nyc.gov.

Get Help

You can get help with your benefits, including, benefit history, benefit calculations, and forms.

Online

Contact DOF.

By Phone

Call 311 for assistance.

User ID and Password Issues

The Department of Finance is aware that the User ID and password you received to file your renewal may not be correct. If you log into the system and see information for properties that you don’t own, you should log out and use the “Forgot Your Password” option to locate the correct account.

After clicking on “Forgot Your Password,” enter your BBL. The system will display your correct username and password. You can use this username and password to log in to renew your exemption. Be careful to enter only the letters and numbers in the password. Don’t include any spaces. If you’re still experiencing problems or need more help, you can contact DOF.