Owners of cooperative units and condominiums who meet the eligibility 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%|
Note: If the development’s commercial exemption (such as a 421a or J51 exemption) is due to expire at the end of the tax year on June 30, you can apply for the co-op/condo abatement. We will determine your eligibility to receive the abatement upon review of your application.
Managing agents and boards of directors must apply for and renew the cooperative and condominium property tax abatement on behalf of their entire development.
Cooperative/Condominium Abatement Portal (CCAP) Training VideoA training video is available to help you use the Cooperative/Condominium Abatement Portal. The training includes instructions for establishing and providing access to company administrators, which is essential for portfolio management.
The deadline to file your Cooperative/Condominium Property Tax Abatement Renewal and Change Form was February 15, 2022.
Chapter 422 of the NYS Laws of 2021 amends Section 467-a of the Real Property Tax Law as follows:
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