Cooperative and Condominium Abatement

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Cooperative and Condominium Abatement

The Cooperative and Condominium Abatement Program provides partial tax relief for condo owners and co-op tenant-shareholders to reduce the disparity in property tax paid between residential Class 2 properties (i.e., condominiums and cooperatives) and Class 1 properties (i.e., one-, two-, and three-family homes), which are assessed at a lower percentage of market value.

Eligibility

Ownership -- Condominium owners and cooperative tenant-shareholders who, as of the applicable taxable status date, may own no more than three dwelling units in any one property. Units held by sponsors or their successors in interest are not eligible.
Other Exemptions -- Properties that already receive a state or local tax exemption or abatement, such as J-51, 421a, or 421b, may not be eligible.

Requirements
The cooperative and condominium development applies for the abatement, not individual unit owners. The development's Board of Directors, managing agent, or other official representative of the development must complete the abatement application.

Renewals – Developments that are currently receiving the abatement will have to renew the abatement when it expires. Finance will send a pre-populated renewal form to the development in January of the expiration year.

Level of Benefit
The abatement granted to eligible units is based on the average assessed value in the building, as indicated in the chart:

Average Assessed Value Per Unit	Fiscal Year	Abatement
Less than or equal to $15,000	1997	4 %
	1998	16 %
	1999 and after	25 %
Greater than $15,000	1997	2.75 %
	1998	10.75 %
	1999 and after	17.5 %

Forms & Publications

Condominium Property Tax Abatement Application
(Year 11)
Download Application (105k)

Cooperative Property Tax Abatement Application
(Year 11)
Download Application (104k)

Co-op and Condo Property Tax Abatement Program Owners Guide
Download Brochure (51k)

Deadlines
The deadline for an application for benefits beginning July 1, 2006 was February 15, 2006. If the program is extended again in 2008, a new application period and deadline will be announced.

Background / History of Tax
This 3-year program was initially enacted for the first time in 1996, then extended by the State Legislature in 2001 for 3 additional years, and again in 2004 until 2008.