Written by Frank Lovece on April 05, 2013
J-51 may be the nicest letter-number combination in all of New York City's co-op and condominium tax statutes: a property-tax exemption and abatement for renovating your apartment building. But what happens when the Department of Finance miscalculates and gives you more than you're due? You have to pay it back with interest, right? Not necessarily. Here's how a co-op in Brooklyn managed to keep an extra $153,000.