What do exemption codes 5110 and 1920 relate to?

The exemption codes 5110 and 1920 specifically relate to tax exemption programs. Code 5110 pertains to the 421-a tax exemption, which provides tax benefits for certain residential properties to encourage development in New York City. Code 1920 refers to the Industrial and Commercial Incentive Program (ICIP), aimed at granting tax exemptions to commercial and industrial properties to stimulate business growth in the city.

Recognizing these codes is essential for understanding how New York City incentivizes property development and investment through specific tax exemption strategies. The correct answer highlights the relationship of these codes to particular tax exemption initiatives, which are vital for assessing property values and understanding fiscal impacts on the city's economy. The other options, while related to taxation, do not specifically capture the focus on the 421-a and ICIP exemptions that these codes represent.