Certain properties must submit a prevailing wage affidavit prior to the upcoming tax year to qualify for the Cooperative and Condominium Property Tax Abatement.
The filing period for the upcoming tax year ends on February 15.
To submit your prevailing wage affidavit:
If you are required to file a prevailing wage affidavit but your developments no longer wish to receive the co-op/condo abatement, you should complete the Co-op/Condo Tax Abatement Benefit Opt-Out form.
Click here to read more about the prevailing wage affidavit requirement.
The New York City Department of Finance has adopted a rule amendment relating to the Real Property Tax Abatement for Cooperative or Condominium Dwelling Units. For more information click here.
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.
The fastest and simplest way to apply for abatements or submit information changes is via the Cooperative/Condominium Abatement Portal (CCAP) or you may mail a paper form.
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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