On May 28, 2025, New York City adopted the regulations for the J-51 Reform Tax Incentive Program (“J-51 R”), a major update to the longstanding property tax benefit designed to encourage residential building improvements. To be eligible, projects must complete construction between June 29, 2022, and June 30, 2026.
Key updates to the J-51 R Program include:
- Revised Eligibility
- New Benefit Structure
- Modernized Application Process
These changes present new planning opportunities and raise critical considerations for current and future projects.
Belkin Burden Goldman, LLP is closely monitoring these developments and is available to advise on how the revised rules may affect your properties or investments.
See the Adopted Rules by following this link
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Reach out to your BBG attorney of record or contact us here to discuss how these updates may apply to your specific situation.
Written by: Frank D. Baquero, Administrative Proceedings and Tax Exemptions and Zoning Incentives Departments