Cooperative and Condominium Tax Abatement

The filing period for tax year 2021-2022 is now open; it will close February 16, 2021.

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 Co-op/Condo 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.
  • 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.

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, which may be found here.

 

NEW Cooperative/Condominium Abatement Portal (CCAP) User Enhancements

We have introduced several new features to the Cooperative/Condominium Abatement Portal (CCAP) (formerly the Electronic Change Forms Portal) to improve your experience and enhance security. Two very significant changes are highlighted below:
  • You will now be able to submit initial cooperative and condominium property tax abatement applications online via the CCAP, rather than having to complete a paper application.
  • Each company will have company administrators to assign Cooperative/Condominium Abatement Portal access to specific managing agents, with improved password controls.
Please register for a live training session to help you get comfortable with the new and improved 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:

Condominium developments that are filing for the abatement for the first time can:
  • The filing period for tax year 2020-2021 ended on February 15, 2020. Applications for tax year 2021-2022 will be available soon.

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 online Cooperative/Condominium Abatement Portal (CCAP). The filing period for tax year 2021-2022 ends on February 16, 2021. The portal is currently   open for submissions. 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.
  • Condo 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 send us a message via www.nyc.gov/contactdof 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.

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