<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS FOR LIBERTY TAX CREDIT PLUS III L.P. AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<CIK> 0000843076
<NAME> LIBERTY TAX CREDIT PLUS III L.P.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2001
<PERIOD-START> APR-01-2000
<PERIOD-END> JUN-30-2000
<CASH> 20,025,019
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,294,079
<PP&E> 307,505,761
<DEPRECIATION> 100,168,785
<TOTAL-ASSETS> 232,866,641
<CURRENT-LIABILITIES> 79,776,335
<BONDS> 194,118,403
0
0
<COMMON> 0
<OTHER-SE> (41,028,097)
<TOTAL-LIABILITY-AND-EQUITY> 232,866,641
<SALES> 0
<TOTAL-REVENUES> 8,895,006
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 8,575,853
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,832,949
<INCOME-PRETAX> (3,480,128)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (3,480,128)
<EPS-BASIC> (24.77)
<EPS-DILUTED> 0
</TABLE>