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%|
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.
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