COOP & CONDO
TAX ABATEMENT
What are the guidelines & Eligibility Requirements?
Owners of cooperative and condominium units can have their property taxes reduced if they meet the eligibility requirements as outlined by the New York City Department of Finance. To find out more information on the benefits and requirements, follow click on this link and this link. It is always advised to speak with your accountant or attorney for your unique situation.
How can I remove the property tax abatement and other exemptions that I am currently receiving?
If there has been a change in your residency status and you no longer wish to claim your NYC Condo and Co-op Tax Abatement, please complete and submit this form directly to the Department of Finance:
What is the Prevailing Wage Amendment and how does it impact my tax abatement?
The prevailing wage affidavit must be filed for properties that have 30 or more dwelling units and an average assessed unit value of more than $60,000, or that have less than 30 dwelling units and an average assessed unit value of more than $100,000. The prevailing wage affidavit certifies that all building service employees currently employed or to be employed at the property receive the applicable wage for the duration of the property’s tax abatement. Coops and Condos that decide not to file a prevailing wage affidavit for the upcoming tax year then forfeit the tax abatement. Click here to read the full amendment