Cooperative and Condominium Tax Abatement

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 are as follows:

Average Assessed Value

Benefit Amount Per Year

 

2012/2013

2013/2014

2014/2015

$50,000 or less

25%

26.5%

28.1%

$50,001 - $55,000

22.5%

23.8%

25.2%

$55,001 - $60,000

20%

21.2%

22.5%

$60,001 and above

17.5%

17.5%

17.5%

 
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. The Co-op Tax Benefit Change From for 2014/15 is due February 16, 2015.


Requirements
  • The co-op or condo unit must be the owner's primary residence.
  • 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.
  • Co-op or condo owners cannot be receiving any of the following exemptions or abatements:
    • J-51 Exemption
    • 420c, 421a, 421b, or 421g
    • Housing Development Fund Corporation (HDFC)
    • Division of Alternative Management Programs (DAMP)
    • Limited Divided Housing Companies, Redevelopment Companies
    • Mitchell-Lama Building
    • Clergy
  • 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
Deadlines
The Coop Tax Benefit Change form must be emailed or postmarked by February 16, 2015.
The Cooperative and Condominium Property Tax Abatement for 2015/16 must be emailed or postmarked by March 2, 2015.
 
The Homeowner Tax Benefit application and all required document must be postmarked by March 16, 2015 for benefits to begin on July 1, 2015.

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