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Cooperative and Condominium Tax Abatement
Prevailing Wage Affidavits Due June 30
To submit your prevailing wage affidavit:
- Look for your developments on the list of developments that have not yet filed the affidavit.
- Download the prevailing wage affidavit and complete it.
- Submit your completed affidavit via the Cooperative/Condominium Abatement Portal.
Click here to read more about the prevailing wage affidavit requirement.
Notice to Boards and Managing Agents
Depending upon when you filed your initial or renewal abatement application, your benefits may not be reflected in the property tax bill due July 1, 2022. If you have been approved for benefits but they do not appear on the July 1 bill, you will receive them on a future bill, along with a credit retroactive to July 1.
Notice of Adopted/Final Rule
The New York City Department of Finance has adopted a rule amendment of the Real Property Tax Abatement for Cooperative or Condominium Dwelling Units. For more information click here.
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
- Co-op and condo boards and managing agents must notify the Department of Finance of changes in ownership or eligibility for the Cooperative and Condominium Property Tax Abatement by February 15, or the following business day if February 15 falls on a weekend or holiday.
- 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.
- The property must be classified as a tax class 2 property.
- Properties that are part of the Urban Development Action Area Program (UDAAP) cannot receive the abatement.
- Prevailing wage affidavits must be filed for properties that have 30 or more dwelling units and an average assessed unit value of more than $60,000, or that have less than 30 dwelling units and an average assessed unit value of more than $100,000. Click here for a list of developments that are required to file the prevailing wage affidavit. This list is preliminary and will be updated after the release of the tentative property tax roll for tax year 2022-23 in January 2022.
- Co-op or condo owners cannot be receiving any of the following exemptions or abatements:
- J-51 exemption
- 420c, 421a, 421b, or 421g
- The clergy property tax exemption
- a Housing Development Fund Corporation (HDFC)
- a Limited Dividend Housing Company, Redevelopment Company
- a Mitchell-Lama Building or
- in the Division of Alternative Management Programs (DAMP).
- 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 all of the beneficiaries 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.
The fastest and simplest way to apply for abatements or submit information changes is via the Cooperative/Condominium Abatement Portal (CCAP) or you may mail a paper form.
Cooperative/Condominium Abatement Portal (CCAP) Training VideoA training video is available to help you use the Cooperative/Condominium Abatement Portal. The training includes instructions for establishing and providing access to company administrators, which is essential for portfolio management. |
Developments Applying for the Abatement for the First Time
Cooperative developments that are filing for the abatement for the first time can:- File using the online Cooperative/Condominium Abatement Portal (CCAP) or
- Complete the paper Cooperative Property Tax Abatement Initial Application. To make it easier to report unit information, you may use the Cooperative Initial Application Unit Information Spreadsheet to complete sections B and C of the application.
- If you use the spreadsheet, please be sure to submit it along with the completed sections A and D of the application.
- If you do not use the spreadsheet, please complete all sections A through D of the application.
Condominium developments that are filing for the abatement for the first time can:
- File using the online Cooperative/Condominium Abatement Portal (CCAP) or
- Complete the Condominium Property Tax Abatement Initial Application. To make it easier to report unit information, you may use the Condominium Initial Application Unit Information Spreadsheet to complete section B of the application.
- If you use the spreadsheet, please be sure to submit it along with the completed sections A and C of the application.
- If you do not use the spreadsheet, please complete all sections A, B, and C of the application.
New Shareholders or Unit Owners in Developments That Have the Abatement
- For Renewals and Changes
For quicker processing, we strongly encourage you to file online using the Cooperative/Condominium Abatement Portal (CCAP). You may use the CCAP portal for submissions during the filing period. For more information and instructions, download the Cooperative Condominium Abatement Portal (CCAP) User Guide. - Tax Benefits Letter
The Department of Finance mails tax benefits letters to boards and managing agents outlining each unit's tax savings in December of each year.
- Co-op benefit letters outline personal exemptions; the co-op property tax abatement boards and managing agents use this information to distribute benefits to each unit.
- Condo benefits letters outline each unit's tax savings for condo property tax abatements in December of each year. Boards and managing agents use this information to identify changes and eligibility for unit owners.
- Renewals and Changes - Developments without Managing Agents:
Note: Shareholders and owners of cooperative units and condominiums who do not have a managing agent or board of directors should contact us or call 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.
Please note that if you are a co-op shareholder or condo unit owner, you must inform your managing agent or board that your unit is your primary residence so that you can receive the abatement.
The deadline to file your Cooperative/Condominium Property Tax Abatement Renewal and Change Form was February 15, 2022.
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