Cooperative and Condominium Tax Abatement

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%

Requirements

  • New condominium owners must have filed a real property transfer tax (RPTT) form or deed with the Division of Land Records at www.nyc.gov/acris. For more information, visit the Real Property Transfer Tax page.
  • 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.
  • Properties that are part of the Urban Development Action Area Program (UDAAP) cannot receive the abatement.
  • Co-op or condo owners cannot be receiving any of the following exemptions or abatements:
    • J-51 exemption
    • 420c, 421a, 421b, or 421g
    • Cooperative properties are not eligible for the Clergy exemption
    The co-op or condo property cannot be:
    • 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.

Managing agents and boards of directors must apply for and renew the cooperative and condominium property tax abatement on behalf of their entire development. Please note that for tax year 2020-21, the cooperative and condominium initial application and renewal-and-change forms have been separated by property type. In addition, the initial application now requests additional descriptive information about the individual units in your development.

Note: shareholders and owners of cooperative units and condominiums who do not have a managing agent or board of directors should 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.

Managing agents are legally required to renew the cooperative and condominium abatement for their properties every year.

For quicker processing, we encourage you to file online using the Online Cooperative and Condominium Abatement Renewal-and-Change Form. For more information and instructions, download the Online Change Form Guide.

If you would like to file a paper return, please use the Cooperative Property Tax Abatement Renewal and Change Form and Cooperative Renewal-and-Change Unit Information Spreadsheet or the Condominium Property Tax Abatement Renewal and Change Form and Condominium Renewal-and-Change Unit Information Spreadsheet.

All condominium new owner updates must be submitted to the City Register by filing a Real Property Transfer Tax (RPTT) using the ACRIS system. Read more about the Real Property Transfer Tax (RPTT).


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