Cooperative and Condominium Tax Abatement for Managing Agents
The Cooperative and Condominium Tax Abatement Program gives partial tax relief to owners and tenant-shareholders of Residential Class 2 properties. This is because Class 1 properties (i.e., one-, two-, and three-family homes), are assessed at a lower percentage of market value than Class 2.
Eligibility
Level of Benefit
Requirements
Excel Spreadsheet Instructions
Forms and Publications
Deadline
Ineligible Properties
Contact Us
Eligibility
Ownership -- Condominium owners and cooperative tenant-shareholders may not own more than three dwelling units in any one property. Units held by sponsors or their successors in interest are not eligible.
- Other Exemptions -- Properties receiving a state or local tax exemption or abatement, such as J-51 Exemptions, 421a, 421b, or 421g may not be eligible.
Level of Benefit
The Abatement given to eligible units is based on the average assessed unit value in the building, as indicated in the chart:
Average Assessed Value Per Unit | Abatement |
Less than or equal to $15,000 | 25 % |
Greater than $15,000 | 17.5 % |
Requirements
Cooperative and Condominium Buildings can apply for the Abatement. The residence’s Board of Directors, Managing Agent, or other official representative must complete the application for the entire property.
The application is now available as an Excel (.xls) spreadsheet. Please refer to the following instructions:
Before opening the spreadsheet below, you must first launch Microsoft Excel.
From the Excel menu choose Tools, Macro, and select Security.
Choose Medium from the Security Window. Click OK and close Excel.
Click on the Excel Spreadsheet Application and Instructions below and choose "Open" Note: If a security warning pops up choose Enable Macros and continue.
Once the spreadsheet template opens, read the instructions and click on "Click Here to Begin Section-A".
Save the spreadsheet to a familiar location on your computer.
Copy your completed spreadsheet onto a blank CD.
You must print and complete the certification in the spreadsheet. Mail the certification page with your CD to:
Forms & Publications
Condominium/Cooperative Property Tax Abatement Application and Instructions
Download Excel Spreadsheet Application and Instructions
Download Hardcopy Application and Instructions
Condominium/Cooperative Property Tax Abatement FAQs
(Answers to the Most Frequently Asked Questions)
Download Form
Co-op and Condo Property Tax Abatement Program Owners Guide
Download BrochureDeadline
The application deadline for the Abatement is February 15th of each year, for the benefits to begin July 1st of the same year.
Ineligible Properties
The Condo/Coop Abatement is only given to the shares of eligible residential units. Properties with any of the following Exemptions are ineligible for the Abatement: the J51 Exemption, 421a, 421b, Housing Development Fund Corporation (HDFC); Division of Alternative Management Programs (DAMP) and the Limited Divided Housing Companies, Redevelopment Companies and Mitchell-Lama. The 421g Abatement also makes developments ineligible.
Contact Us
Email Co-op / Condominium Tax Abatement Program
