Cooperative and Condominium Tax Abatement

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%

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.

  • Developments Applying for the Abatement for the First Time
    Cooperative developments that are filing for the abatement for the first time should complete the Cooperative Property Tax Abatement Initial Application and Cooperative Initial Application Unit Information Spreadsheet. Condominium developments should complete the Condominium Property Tax Abatement Initial Application and Condominium Initial Application Unit Information Spreadsheet. 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
    If you are a co-op shareholder or condo unit owner, please inform your managing agent or board that your unit is your primary residence so that you can receive the abatement.
  • For Renewals and Changes
    For quicker processing, we strongly encourage you to file online using the Online Cooperative and Condominium Abatement Renewal-and-Change Form. The filing period for tax year 2020-2021 ended on February 15, 2020. The portal is only available to retrieve tax benefits reports. The portal for 2021-2022 will be available soon. For more information and instructions, download the Online Change Form Guide.
  • Co-op Tax Benefits Letter
    The Department of Finance mails co-op tax benefits letters to boards and managing agents outlining each unit's tax savings for personal exemptions and the co-op property tax abatement in December of each year. Boards and managing agents use this information to distribute benefits to each unit.
  • Condo Abatement Tax Benefits Letter
    The Department of Finance mails condo tax benefits letters to boards and managing agents outlining 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.

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


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