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

  2014/2015

$50,000 or less

28.1%

$50,001 - $55,000

25.2%

$55,001 - $60,000

22.5%

$60,001 and above

17.5%


Requirements
  • The co-op or condo unit must be the owner's primary residence.
  • 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:
    • 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
  • 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 2015/16 must be emailed or postmarked by February 15, 2016.

Need Help? Contact 311 or  Email Us.