NYC 467-m Tax Savings
Estimate your potential property tax savings from converting your office building to residential under NYC's 467-m program. Get instant results.
467-m Tax Abatement
The 467-m program is the city's main tax incentive for office-to-residential conversions. The basics are below.
How the Benefit Works (Conceptually)
467-m is designed to improve office-to-residential conversion economics by reducing property tax burden over a multi-decade period. For many projects, the abatement can materially improve stabilized cash flow and lender underwriting.
This calculator models a common structure: a full exemption period followed by a phase-down. Use the results as a directional estimate, then refine with assessed value projections and a project-specific tax analysis.
- • Assessed value and current tax class
- • Eligible geography / zoning constraints
- • Affordable housing strategy
- • Construction and filing timeline
- • Program requirements and deadlines
- • Building code / window line feasibility
- • Unit yield and affordability mix
- • Financing and subsidy stack
Quick Checklist
- Eligible area (often below 96th St. Manhattan)
- Office-to-residential conversion scope is viable
- Affordable housing plan penciling and feasible
- Timeline supports required filings and start
467-m Tax Abatement
NY State RPTL §467-m is a property tax incentive for converting eligible office buildings to residential use. In the Manhattan prime development area (a tax lot entirely south of 96th Street) the exemption is 90% for all but the final five years of the term, followed by a five-year phase-out; elsewhere in the city it is 65%. The term depends on when the conversion commences: 35 years by June 30, 2026, 30 years by June 30, 2028, and 25 years by June 30, 2031. This calculator lets you pick the term and models the phase-out in equal steps (72%, 54%, 36%, 18%, 0%).
467-m is available citywide for converting a non-residential building to residential use with six or more units. The exemption is 90% on a tax lot entirely south of 96th Street in Manhattan and 65% elsewhere. The conversion must commence by June 30, 2031 and be completed by December 31, 2039, and at least 25% of the units must be permanently affordable.
Savings depend on your building's assessed value, location, and size. The annual figure is the assessed value multiplied by your tax class rate and by the 90% exemption, which is what this calculator computes from the details you enter, then sums across the term you select.
467-m requires at least 25% of the units to be affordable to households earning a weighted average of 80% of Area Median Income, and those units stay rent-stabilized permanently. The affordable set-aside is what the city gets in exchange for the tax break.
The term is tiered by commencement date: 35 years for projects that commenced by June 30, 2026, 30 years by June 30, 2028, and 25 years by June 30, 2031, which is the final deadline. In the Manhattan prime development area each term carries a 90% exemption for all but its last five years (30, 25 or 20 years), then phases it out over five years. The 35-year window has closed, so a project starting now can reach 30 years at most; this calculator defaults to that term.
Yes. Robert Khodadadian and Skyline Properties broker office-to-residential conversions that use the 467-m program, including the $135M sale of 6 East 43rd Street.