QUESTION
What are the eligibility criteria for condominium owners to receive the J51 tax benefit?
0:51:51
·
47 sec
The council member and HPD officials clarify that condominium units with an assessed value below $45,000 are eligible for the J51 tax benefit program.
- This refers to the assessed value, not the market value of the units.
- It represents a narrow segment of lower-cost homeownership units in New York City.
- The officials note that a significant number of these lower-cost homeowners have historically utilized the J51 program.
- But it does not apply to a wide range of higher-valued condominium properties.
Lincoln Restler
0:51:51
Help me out on the building owners, because what homeownership build what props and condos are actually eligible for J Fifty 1.
0:51:58
Yeah.
Kim Darga
0:51:58
When I say building owners, I also meet
Lincoln Restler
0:52:00
You mean owners of condos.
0:52:01
Okay.
0:52:02
Yeah.
0:52:02
You mean owners of rentals owner rental building.
0:52:04
For
Kim Darga
0:52:05
Got it.
0:52:05
Yes.
Lincoln Restler
0:52:05
Okay.
0:52:05
Because the the the there's a very narrow slice of cups and condos that are actually eligible here.
Kim Darga
0:52:11
So, actually, there so it it's collapse or condos with an assessed value below 45,000 units.
0:52:17
So these are the low cost.
Lincoln Restler
0:52:20
Got it.
0:52:20
There's not a lot of buildings in New York City where a unit is worth $45,000.
0:52:24
Well,
Lucy Joffe
0:52:25
it was assessed value, not market value.
Pierina Ana Sanchez
0:52:27
Yeah.
Lucy Joffe
0:52:27
And so it these are lower cost homeowners, but this is a significant swath of homeowners have been using J51 as we testified before.
0:52:35
Even with slightly lower assessed value.
Lincoln Restler
0:52:37
Even assessed values assessed values of $45,000 per unit.