Owners of cooperative units and condominiums who meet the requirements for the Cooperative and Condominium 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 development.
Abatement percentages are as follows:
|Average Assessed Value||Benefit Amount Per Year|
|$50,000 or less||28.1%|
|$50,001 - $55,000||25.2%|
|$55,001 - $60,000||22.5%|
|$60,001 and above||17.5%|
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. If you are a cooperative shareholder or condominium owner with a managing agent, please contact your managing agent to apply.
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 February 15, 2018.
Managing agents are legally required to renew the Cooperative and Condominium abatement for their properties every year.
In December of each year, the Department of Finance mails Tax Benefit reports to boards and managing agents outlining each unit's tax savings for personal exemptions and the Cooperative and Condominium property tax abatement. Beginning in December 2016, the Department of Finance will mail Tax Benefit reports to condominium boards and managing agents with each unit's Cooperative and Condominium property tax abatement.
If there are no changes to the Tax Benefit report, managing agents can renew the abatement for all eligible unit owners by checking the box on the online form stating that there are no changes.
If there are changes or updates to any units on the Tax Benefit report, managing agents must submit all changes, then sign and submit the form online. If a Change Form was already submitted to the Department of Finance and there are no other changes, managing agents do not have to resubmit the form.
Change forms will satisfy the annual renewal requirement.
Cooperative and Condominium Tax Benefit Changes we due on March 31, 2017.
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