Tax Incentives Made Easy

It’s that time of year again! Whether you’re a genuine math-lover who gets a thrill out of crunching numbers, or you’re quaking at the thought of the long hours you’ll need to spend preparing your taxes, all property owners have one expectation in common when it comes to tax prep: to get as many benefits and exemptions  as possible.

There’s just one glaring problem: with a tax code as complicated as NYC’s compliance code, finding which credits and deductions you qualify for can be a massive headache. You need to untangle the jargon of the tax code and then try to see if you fit the explicit criteria specified. Of course, no matter how well you do your homework, you’re always left wondering if you missed something important and you overpaid by thousands of dollars.

It’s hard not to get super-stressed just thinking about it.

No worries, though; we’re here to help! You already know that Jack Jaffa & Associates wants to make your life as a landlord as simple and profitable as possible, and you won’t be surprised to hear that tax prep is no exception. No matter how complicated you think your taxes and finances are, we’ve got you covered!

In the last three decades, our professional team has enabled hundreds of New York City developers to maximize their tax incentive values for properties ranging from new construction and preservation to major capital improvement projects; from luxurious high-rise condominiums to affordable housing projects; from commercial and manufacturing facilities to single family residences.

Since 1979, our team’s tax consulting services have  saved NYC property owners hundreds of millions of dollars.

Our years of experience in the field have granted us the unique opportunity to build strong, collaborative relationships with HPD, DHCR and the Department of Finance. This has helped us to identify, facilitate and secure benefits available through these agencies, specializing in a broad range of government incentive programs.

Here’s a quick rundown of some of the programs you may not be benefiting from that might be able to save you thousands of dollars:

  1. 421-A

Partial Real Estate Tax Exemption Benefits Program which benefits developers of new multi-family residential housing buildings containing four or more dwelling units.

Are you working on a multi-family dwelling? Have you recently developed an apartment building? If yes, then you may be qualified for this exemption.

  1. J-51

Tax Exemption Benefits Program which provides tax incentives for developers who’ve rehabilitated or executed major capital improvements in residential properties. It also provides benefits for any property whose status has been converted from commercial to residential.

This means, if you’ve successfully improved a dilapidated residential property or changed a commercial storefront to a residential dwelling, you qualify for this incentive.


Industrial and Commercial Incentives /Abatement Program which benefits newly constructed or modernized commercial or industrial properties. Please note that it is crucial that applications for these programs be filed prior to obtaining any permits.

Have you recently constructed or updated any kind of commercial property? As long as you’ve filed for these programs before acquiring your permits, this one’s coming to you!

  1. MCI

Major Capital Improvement Rent Increase Program which allows landlords to recoup the cost of building-wide capital improvement expenditures.

Spent a ton on major improvements for your rental properties? You may just be able to put some of that money back in your pocket!

We don’t need to convince you how much you can save by capitalizing on every tax incentive you have coming to you. It’s more than just saving a buck, though – or even saving a few grand. By properly identifying and claiming the right advantages and incentives, you can significantly slash your operating costs. This, in turn, can help you secure better financing deals and create more attractive marketing conditions for all of your properties.

Here at Jack Jaffa & Associates, we are dedicated to helping each of our clients obtain the most incentives possible in the shortest amount of time. Call us today to find out how we can help you maximize your benefits this tax season.

You have nothing to lose and so much to gain!