August 14, 2014
Coop and Condo Tax Abatement
New York City condominium and cooperative buildings that qualify can save their residents as much as 28.1% on annual property tax bills by taking advantage of the “Cooperative and Condominium Tax Abatement,” which was recently changed by the NYS Legislature.
This tax abatement is not the same as the 421-a tax abatement for new construction, the J-51 tax abatement for renovated buildings, or STAR benefits. It is a different property tax abatement program that is not well known, but definitely worth applying for if your building is eligible.
Last year, the New York State Legislature passed bill S2320/A3354, which amended the Co-op/Condo Abatement. As before, the application for the abatement must be submitted by the board of directors or managing agent on behalf of the entire development, but only those owners who use their condo or coop units as their primary residences will qualify for the benefit. There is also just one annual deadline (generally in February), so if you miss it, you’ll have to wait another year to apply. If you are buying an existing condo or coop that is not new construction, you should check to see if the building has applied for this important benefit.