The abatement must be renewed each year. The co-op or condo’s board or managing agents are responsible for renewing the abatement—not the individual unit owners.
For fast, easy processing, renew via the Cooperative Condominium Abatement Portal. If you are not able to renew online, you may submit a paper application. (Be advised that paper renewals cannot be processed as quickly as online applications.)
Through the renewal process, the agent or board must inform the Department of Finance of any changes in ownership or eligibility. In December, we will mail a letter outlining each unit’s tax savings. The agent or board will use this information to report to us any changes in ownership or eligibility.
You may also be required to submit a prevailing wage affidavit, per the section below.
The deadline to renew the abatement and submit prevailing wage affidavits is February 15.