Cooperative and Condominium Tax Abatement
The deadline to submit the 2016/2017 Co-Op Tax Benefit Change Form is February 15, 2017
. All forms must be postmarked by February 15, 2017
. We encourage you to submit your form as soon as possible. If you have any questions, please click here
or contact 311.
Owners of cooperative units and condominiums who meet the requirements for the Co-op/Condo Property Tax Abatement can have their property taxes reduced. The amount of the abatement is based on the average assessed value of the residential units in the building.
Abatement percentages for 2015/2016 are as follows:
|Average Assessed Value
||Benefit Amount Per Year
|$50,000 or less
|$50,001 - $55,000
|$55,001 - $60,000
|$60,001 and above
- The co-op or condo unit must be the owner's primary residence. Co-op shareholders and condo unit owners: please tell your board or managing agent if the unit is your primary residence so that you can receive the abatement.
- You must have purchased the unit on or before January 5 to qualify for the abatement for the upcoming tax year. If the unit was purchased after January 5, you can apply for the next tax year.
- Co-op or condo owners cannot own more than three residential units in any one development and one of the units must be the owner’s primary residence.
- Property must be classified as a Class 2 property.
- Co-op or condo owners cannot be receiving any of the following exemptions or abatements:
The co-op or condo property cannot be:
- J-51 exemption
- 420c, 421a, 421b, or 421g
- Cooperative properties are not eligible for the Clergy exemption
- a Housing Development Fund Corporation (HDFC);
- a Limited Divided Housing Companies, Redevelopment Company;
- a Mitchell-Lama Building or
- in the Division of Alternative Management Programs (DAMP) Program.
- Units owned by a business (LLC) are not eligible.
- Units held by sponsors or their successors in interest are not eligible.
- Units owned by a trust are eligible only if the unit is the primary residence of the beneficiary of the trust, trustee, or life estate holder.
How to Apply
Shareholders/Owners of cooperative units and condominiums without a managing agent or board of directors, please email the Department of Finance or contact 311 for more information on how to apply. Cooperative shareholders if you have a managing agent, please contact them to apply. Condominium owners should email the Department of Finance or contact 311.
- Developments Applying for the Abatement for the First Time
Cooperative and condominium developments that are filing for the abatement for the first time should complete the Cooperative and Condominium Property Tax Abatement for 2017/18 application which is due by March 1, 2017.
- New Shareholders or Unit Owners In Developments That Have the Abatement
If you are a co-op shareholder or condo unit owner, please tell your managing agent or board if your unit is your primary residence so that you can receive the abatement.
- Co-op Tax Benefits Letter
Finance mails Co-op Tax Benefits Letters to boards and managing agents outlining each unit's tax savings for personal exemptions and the co-op property tax abatement in December of each year. Boards and managing agents use this information to distribute benefits to each unit. The Co-op Tax Benefit Change Form for 2016/17 must be postmarked by February 15, 2017.
Need Help? Contact 311 or Email Us.