The filing period for tax year 2020-20201 ended on February 15, 2020.
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.
The filing period for tax year 2020-2021 ended on February 15, 2020.
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