Cooperative and Condominium Tax Abatement

Owners of cooperative units and condominiums who meet the requirements for the Co-op/Condo 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 building.

Abatement percentages are shown in the following table:

Average Assessed Value

Benefit Amount Per Year

 

2012/2013

2013/2014

2014/2015

$50,000 or less

25%

26.5%

28.1%

$50,001 - $55,000

22.5%

23.8%

25.2%

$55,001 - $60,000

20%

21.2%

22.5%

$60,001 and above

17.5%

17.5%

17.5%

 


Co-op Tax Benefits Letter
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. Information on the Co-op Tax Benefit letter. 
 

How to Apply  

  • Developments Applying for the Abatement for the First Time
    Cooperative and condominium developments that are filing for the abatement for the first time should complete the Cooperative and Condominium Property Tax Abatement for 2015/16 application.

    Deadline: Applications for new cooperative and condominium developments are due March 2, 2015.
      
  • Developments That Already Receive the Abatement
    Condominium unit owners applying for the benefit for the first time or renewing their benefits should complete the Condominium Property Tax Abatement Renewal Application.

    Cooperative owners applying for the benefit for the first time or renewing their benefits should ensure their board submits the completed Co-op Tax Benefit Change Form.

    All applications must be submitted by the board of directors or managing agent on behalf of the entire development.
     
    Deadline:
    The Condominium Property Tax Renewal Application for 2015/2016 is due February 16, 2015. (Application will be available soon)
    The Co-op Tax Benefit Change Form for 2014/2015 is due February 16, 2015.  

Requirements  

  • The co-op or condo unit must be the owner's primary residence.
  • 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.
  • Co-op or condo owners cannot be receiving any of the following exemptions or abatements:
    • J-51 Exemption
    • 420c, 421a, 421b, or 421g
    • Housing Development Fund Corporation (HDFC)
    • Division of Alternative Management Programs (DAMP)
    • Limited Divided Housing Companies, Redevelopment Companies
    • Mitchell-Lama Building
    • Clergy
  • 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.

For more information on requirements and recent changes to the abatement click here


Forms and Reports
Forms


Need Help?
Contact 311 or Email Us

Note for Property Owners:
You may also be eligible to receive the following personal exemptions: Basic or Enhanced School Tax Relief (STAR), Disabled Homeowner, Senior Citizen Homeowner and Veterans. The application for these exemptions must be postmarked by March 15. If you own a co-op, contact your management company to find out what exemptions you are receiving in the current tax year (July to June). Call before March so that you will still have time to apply for benefits in the next tax year. If you own a condo, you can find your current exemptions on your Property Tax Bill.


Abatement Phase-outs and News About the Cooperative/Condominium Abatement
In January 2013, the NY State Legislature passed bill S2320/A3354, which amended the Co-op/Condo Abatement. For more information and a description of changes, click here.