Time Sensitive: Due to Allied by January 5, 2024
The Cooperative and Condominium Tax Abatement reduces the property taxes of eligible condominium and co-op owners.
Individual unit owners do not apply for the abatement. Instead, managing agents and boards apply on behalf of their entire development.
Learn more: https://www.nyc.gov/site/finance/benefits/landlords-coop-condo.page
How Much Unit Owners Can Save
The amount unit owners can save with the abatement depends on the average assessed value of the residential units in the co-op or condo development:
| 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% |
Eligibility:
- The unit is your primary residence.
- You do not own more than three residential units in any one development.
- You have filed a real property transfer tax form or deed with the Division of Land Records at www.nyc.gov/acris. (This requirement applies to condominiums. The filing is generally done at the time of purchase, often by a title company or attorney on your behalf.)
- You are not receiving the clergy property tax exemption.
- The unit is not owned by a business, such as an LLC, or held by a sponsor or their successors in interest.
You must have purchased your unit on or before January 5 to qualify for the abatement for the upcoming tax year, which begins on July 1. Those who purchase their units after January 5 can apply for the following tax year. If the unit is owned by a trust, it must be the primary resident of all of the beneficiaries of the trust, trustee, or life estate holder.
Form:
Download the form here: 2024-2025 Coop/Condo Tax Abatement Primary Residence Verification Form
If you have any problems or questions, please reach out to TheEastmore@gmail.com.