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 mailed a Co-op Tax Benefits Letter outlining each unit's tax savings for personal exemptions and the co-op property tax abatement. For more information. 
 

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 2014/15 application.

    Deadline: Applications for new cooperative and condominium developments were due March 1, 2014.
      
  • Developments That Already Receive the Abatement
    Condominium owners applying for the benefit for the first time or renewing their benefits should have completed Section A of the Condominium Property Tax Abatement Renewal Application and had their board submit the completed application.

    Cooperative owners applying for the benefit for the first time or renewing their benefits should have had their board submit the completed Co-op Tax Benefit Change Form.
     
    Deadline: The Condominium Property Tax Renewal Application for 2014/2015 was due February 15, 2014. The Co-op Tax Benefit Change Form for 2013/2014 was due February 15, 2014.

All applications must be submitted by the board of directors or managing agent on behalf of the entire development 


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.


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?


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.