NYC-WTC_000195490

NYC 9/11 Public Portal Document

Estimated Value of Real Property Tax Exemptions and Abatements 1993-2000 ($ Millions)

1993 1994 1995 1996 1997 1998 1999 2000 Economic Development Exemptions I.C.I.B/I.C.I.P. • $147.1 $119.7 $107.1 $105.7 $99.3 $111.9 $132.5 $177.7 Battery Park City Authority* 127.8 124.5 113.7 94.2 j 87.2 81.6 79.5 79.8 Industrial Development Agency* 37.7 37.3 52.6 48.5 s 47.2 47.8 61.5 66.0 Urban Development Corp. 79.8 77.9 78.3 77.0 76.9 80.0 84.5 107.6 Economic Development Corp.* 18.5 2.8 \ 4.3 3.7 3.4 4.1 7.4 3.9 World Trade Center* 100.2 95.8 ' 80.7 ' 79.8 64.0 54.7 61.5 59.0 Teleport, Port Authority 1.6 1.2 ; ' 0.9 2.2 . 1.1 1.3 1.5 6.7 Madison Square Garden 8.8 9.1 9.0 8.8 8.7 8.6 8.7 8.3 Commercial Revitalization Program 1.3 3,6 7.0 14.1 Subtotal ' , $521.4 $468.3 - $446.6 $419/9 $389.1 $393.6 $444.1 $523.1, Residential Exemptions Public Housing, Housing Authority* $294.9 $312.2 $295.2 $2^1.7 $264.0 $255.3 $241.2 $244.0 Private Housing, Publicly Assisted i J-51 (exemption) 109.3 88.4 70.8 '67.9 59.5 54.6 54.9 60.8 J-51 (abatement) 110.9 112.7 113.8 108.7 105.4 104.6 105.7 99.5 421-a New Multiple Dwelling 171.0 142.2 117.2 103.4 96.5 78.9 111.3 421-b New Private Housing 13.3 12.0 10.9 10.3 9.9 9.5 9.8 11.7 Other** 247.9 242.0 287.4 270.3 257.7 252.1 234.2 236.6 Senior Citizen Homeowner Exemption 12.0 13.8 15.1 17.2 18.2 19.8 21.1 26.7 Senior Citizen Rent Increase Exemption (abatement) 60.2 60.7 59.8 91.9 54.1 61.0 62.5 63.5 Division of Alternative Management Programs 2.2 3.1 3.9 3.7 4.0 4.3 4.6 5.8 Veteran Exemption 12.6 9^8 10.1 9.1 10.0 11.0 16.1 18.5 Co-op/Condo Abatement 9.0 91.8 152.7, 170.2 Subtotal i $1,034.3 $996.9 $984.2 $964.2 $888.3 $951.9 $981.7 $1,048.6 Other Exemptions NY Pciwer Authority $50.9 i $30.8 $31.8 $34.5 $35.5 $38.5 $41.3 $49.4 Jamaica Water Supply 6.2 6.6 6.8 7.2 ; 7.4 7.8 8.2 9.5 Trust for Cultural Resources 3.6 5.0 5.1 4.8 4.8 5.7 5.7 5.8 l\ i Subtotal ; $60.7 $42.4 $43.7 $46.5 $47.7 $52.0 $55.2^ $64.7 TOTAi $1,616.5 $1,507.6 $1,474.5 $1,430.6 $1,325.1 $1,397.5 $1,481.0 $1,636.4

Source: Department of Finance * Net of Payments in Lieu of Taxes (pilots) and other miscellaneous payments. ' ** “dther" includes miscellaneous State-assisted housing, housing developmentfund companies, limited dividend housing companies, redevelopment companies, limited profit housing companies and the Urban Development Action Area Program, net of Payments in Lieu of Taxes (PILOTS). - . t Notes: \ , • The revenue estimates of assessed value exemptions and abatements are calculated by multiplying the exempted (or abated) assessed ( value by the applicable statutory tax rate for each fiscal year. I • Urban Development Corp., J-51^ 421-a and "Other" Residential include commercial and residential properties. • Totals may not ddd due to rounding. t t ' t I

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