The city has suspended a lucrative tax break from more than 1,700 property owners it says aren’t following the rules – a move that could cost them $66 million this year, officials said Friday.
The owners facing removal from the “421-a” tax abatement program failed to file a mandatory Final Certificate of Eligibility.
Officials said 1,788 properties — from three-family homes to multi-family buildings — didn’t register in time, so the city suspended the breaks. The non-compliant properties have a combined 11,022 apartments.
City officials said they’ll reinstate benefits to owners who comply by May 1.