A new commercial property tax break program will not be as costly to New York City as the one it is replacing, the city's Independent Budget Office said in a report yesterday.

The cost of the Industrial and Commercial Incentive Program, which began in 1984, has tripled in the last decade in inflation-adjusted dollars to $512 million from $170 million, the report said. The old program provided an incentive for development by giving a property tax exemption for increases in assessed value resulting from new construction or renovation in commercial and industrial property in most of the city.

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