ICAP (Industrial/Commercial Abatement Program)
For those property managers, owners and/or operators of non-residential property, there exists ICAP (formerly known as ICIP). ICAP, administered by the New York City Department of Finance, stipulates that if eligible improvements are performed at a premises, that premises may receive an abatement in its real estate taxes for a number of years, depending on where the property is located and how much was spent on said improvement(s). Whereas the original ICIP program resulted in exemption, the ICAP benefits are somewhat different – both in calculation and implementation – and, like its predecessor, contingent on the eventual increase in taxes resulting from the improvement.
We have been working with the Department of Finance on these matters and have achieved ICAP benefits for numerous clients since the ICAP program replaced the ICIP program, and countless ICIP exemptions before those as well. Even if you have applied for ICIP benefits – and received same – in the past, contact us if you’d like us to help explain the differences between these programs and advise you with specificity on one or more projects you may be contemplating.
Our fees are commensurate with our performance as well as with the scope of what we can achieve for you, and we spread them out over the application process to insure we don't receive payment until our work is complete.
We are not a law firm and are not engaged in the practice of law.