Cooperative and Condominium Property Tax Abatement

Deadline for renewing the Cooperative and Condominium Property Tax Abatement in New York:

The deadline for renewing the Cooperative and Condominium Property Tax Abatement in New York City is February 15, 2025. Co-op and condo boards or managing agents are responsible for renewing the abatement on behalf of the entire development. This renewal process includes informing the Department of Finance of any changes in ownership or eligibility. Additionally, certain properties are required to submit a prevailing wage affidavit by the same deadline to qualify for the abatement.

It's important to note that the abatement must be renewed each year to maintain eligibility. For efficient processing, it's recommended to renew via the Cooperative Condominium Abatement Portal. If online renewal isn't possible, a paper application can be submitted, though it may result in slower processing.

-------------------------------------------------------------------------------------------------------------------------------------

The Cooperative and Condominium Property Tax Abatement in New York City is governed by Section 467-a of the New York Real Property Tax Law. This provision offers eligible co-op and condo owners a partial reduction in their property taxes. The law defines key terms, outlines eligibility criteria, and specifies the abatement percentages based on the average assessed value of the units.

 

Key Provisions of Section 467-a:

  • Eligibility Criteria:

    • The unit must be the primary residence of the owner.
    • Owners can have no more than three dwelling units in a single development, and at least one of these units must serve as their primary residence.
    • Units owned by sponsors or their successors are not eligible.
    • Properties receiving other specific tax exemptions or abatements may be ineligible.

  • Abatement Percentages:

    • The abatement percentage varies based on the average assessed value of the residential units in the development.
    • For instance, units with an average assessed value of $50,000 or less may receive an abatement of 28.1%, while those with values over $60,000 may receive a 17.5% abatement.
       

Renewal Process:

Co-op and condo boards or managing agents are responsible for renewing the abatement annually on behalf of the entire development. This involves informing the Department of Finance of any changes in ownership or eligibility. The deadline for renewal is February 15, 2025. For efficient processing, it's recommended to renew via the Cooperative Condominium Abatement Portal. If online renewal isn't possible, a paper application can be submitted, though it may result in slower processing.

 

 

Prevailing Wage Affidavit:

Certain properties are required to submit a prevailing wage affidavit by the same deadline to qualify for the abatement. Specifically, developments with:

  • 30 or more residential units and an average unit assessed value exceeding $60,000, or
  • Fewer than 30 residential units and an average unit assessed value exceeding $100,000.

The affidavit certifies that all building service employees will receive the applicable prevailing wage for the duration of the property's tax abatement.

 

 

It's crucial for managing agents and boards to adhere to these requirements to maintain eligibility for the abatement. For detailed information and necessary forms, please refer to the NYC Department of Finance's official website.

 

DISCLAIMER to comply with the New York City Consumer Protection Law which applies to all businesses operating in New York City: We are small family-owned and family-operated Brooklyn-based business. We are not a City of New York store nor are the website, products or services affiliated with the City of New York or any agency of the City of New York. We ourselves, our business, websites, products, services, or any hyperlinks from its website are not sponsored by, approved by, affiliated with, endorsed by, or connected to the City of New York or any agency of the City of New York, including but not limited to HPD, DOB, DOT, DSNY, FDNY and federal directly or by implication.

DISCLAIMER These codes may not be the most recent version. The State / federal or other regulation department may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

The requirements for sign content are determined by intended use and by applicable regulation. The BUYER is responsible for determining the appropriate content for a sign or package of signs.  WE makes no warranty or representation of suitability of a sign for any specific application. IT IS THE CUSTOMER'S RESPONSIBILITY TO ENSURE THAT THE SIGNS THE CUSTOMER ORDERS ARE IN COMPLIANCE WITH ALL STATE, FEDERAL, LOCAL, AND MUNICIPAL LAWS. Please review terms and conditions prior to purchase. 

For more information about what is required, see the laws that are referenced and the rules applicable to your city and state. This page is for informational purposes only and is not intended as legal advice, professional advice or a statement of law. You may wish to consult with an attorney.