Cooperative and Condominium Tax Abatement

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Cooperative and Condominium Tax Abatement

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.

Both the development itself and the individual unit owners must meet certain eligibility requirements.

Eligibility: Unit Owners

You may be eligible for the abatement if:

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.

Ask your board or managing agent if the development is currently receiving the abatement:

If your development is receiving the abatement, but you are not, ask your board or managing agent to apply on your behalf.

If the development is not currently receiving the abatement, encourage your board or managing agent to check the eligibility requirements and apply by submitting the Cooperative Property Tax Abatement Initial Application or Condominium Property Tax Abatement Initial Application.

Eligibility: Co-op and Condo Developments

The development must be a tax class 2 property.

The development cannot be receiving the J-51 exemption or the 420c, 421a, 421b, or 421g commercial tax benefits. However, you can apply if these benefits are due to expire on June 30 of the tax year in which you are applying.

Properties associated with any of the following are not eligible:

Housing development fund corporations (HDFC)

Limited dividend housing companies

Redevelopment companies

Mitchell-Lama buildings

Division of Alternative Management Programs (DAMP)

Urban Development Action Area Program (UDAAP)

If your development is not currently receiving the abatement, the board or managing agent can apply by submitting the Cooperative Property Tax Abatement Initial Application or Condominium Property Tax Abatement Initial Application.

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%

How to Apply

The co-op or condo’s board or managing agents are responsible for applying for the abatement on behalf of the entire development.

If your development is not currently receiving the abatement, the board or managing agent can apply by submitting the Cooperative Property Tax Abatement Initial Application or Condominium Property Tax Abatement Initial Application.

You may also be required to submit a prevailing wage affidavit, per the section below.

Renewing the Abatement (by February 15)

The abatement must be renewed each year. The co-op or condo’s board or managing agents are responsible for renewing the abatement—not the individual unit owners.

For fast, easy processing, renew via the new and approved Cooperative Condominium Abatement Renewal Portal. If you are not able to renew online, you may submit a paper application. (Be advised that paper renewals cannot be processed as quickly as online applications.)

Through the renewal process, the agent or board must inform the Department of Finance of any changes in ownership or eligibility. In December, we will mail a letter outlining each unit’s tax savings. The agent or board will use this information to report to us any changes in ownership or eligibility.

You may also be required to submit a prevailing wage affidavit, per the section below.
The deadline to renew the abatement and submit prevailing wage affidavits is February 15.

Prevailing Wage Affidavits

Certain properties must submit a prevailing wage affidavit to qualify for the cooperative and condominium property tax abatement. The filing period for the upcoming tax year ends on February 15.

To submit a prevailing wage affidavit, building representatives should:

Look for their developments on the list of developments that must file the affidavit.

Download the prevailing wage affidavit and complete it.

Submit a completed affidavit via the cooperative/condominium abatement portal.

If a property required to file a prevailing wage affidavit, but no longer wishes to receive the co-op/condo abatement, the building representative should complete the co-op/condo tax abatement benefit opt-out form.

Co-op/Condo Abatement - Frequently Asked Questions

Has the cooperative/condominium abatement application process changed?
The managing agent or board remains responsible for applying for or renewing the cooperative and condominium abatement on behalf of the development. The method to submit an initial or renewal application for the abatement has not changed. Initial or renewal applications can be submitted online via the Cooperative Condominium Abatement Portal (CCAP) or by using paper forms mailed to the Department of Finance. The deadline to file for the abatement is February 15.

Are managing agents and boards still required to submit and certify primary residency information?
The managing agent or board will continue to provide information on the primary residency of unit owners or shareholders as part of their initial or renewal applications. Managing agents and boards must obtain primary residency information from unit owners and shareholders and submit the information as part of their initial or renewal application for the tax year, but they are no longer required to certify the accuracy of the information. The Department of Finance will follow up directly with unit owners and shareholders on primary residency verification issues.

For tax year 2023-24, which begins July 1, 2023, and subsequent tax years, unit owners and shareholders will be required to certify their primary residency to their managing agents or boards. The managing agents or board will be responsible for maintaining the certification information in their records.

How do I know if my development is required to submit the prevailing wage affidavit?
Check the list of developments to see if your development is required to submit the prevailing wage affidavit. If so, you will complete and upload the affidavit form.

As noted above, prevailing wage affidavits must be filed for properties that have (1) 30 or more residential dwelling units and an average unit assessed value of more than $60,000, or (2) less than 30 residential dwelling units and an average unit assessed value of more than $100,000.

Please note that the list of developments required to file the prevailing wage affidavit will be updated in January, after the tentative property tax roll for the next tax year is released. The Department of Finance will notify the managing agent or board if their required filer status changes due to a change to the property’s tentative roll assessed value—for example, as the result of a Tax Commission action.

If my development has already submitted our initial or renewal application for tax year 2022-23, do we still need to submit the prevailing wage affidavit?
If you have already submitted your initial or renewal application for tax year 2022-23, you still need to submit the prevailing wage affidavit.

Who must sign the prevailing wage affidavit?
The affidavit must be signed by an officer of the cooperative or the condominium or by an authorized agent. A managing agent may be an authorized agent provided the managing agent is authorized by the board to sign on behalf of the cooperative or the condominium.

Is the managing agent or board required to file the prevailing wage affidavit even if there are no building service workers in the development?
If your development is required to file the prevailing wage affidavit but has no building service workers, you must still complete, notarize, and submit the affidavit. You will see a box that you must check to indicate that the development does not employ building service employees.

How can a managing agent or board notify the Department of Finance if they choose not to provide the prevailing wage affidavit and wish to opt out of the property tax abatement?

To opt out of receiving the cooperative/condominium abatement, you must complete and submit the Co-op/Condo Tax Abatement Benefit Opt-Out form.

The opt-out form is submitted once. The abatement will be removed effective July 1, following the deadline to file. To apply for the cooperative/condominium abatement in future years, you must comply with all requirements and submit an initial application.

Cooperative and Condominium Tax Abatement Forms

Cooperative Property Tax Abatement Initial Application (PDF Download)

Cooperative Property Tax Abatement Renewal and Change Form (PDF Download)

Condominium Property Tax Abatement Initial Application (PDF Download)

Condominium Property Tax Abatement Renewal and Change Form (PDF Download)

Affidavit of Certification Regarding Prevailing Wage Requirements (PDF Download)

Co-op/Condo Tax Abatement Benefit Opt-Out Form (PDF Download)

Cooperative/Condominium Abatement Portal (CCAP) - For quicker processing, we strongly encourage you to file online using the Cooperative and Condominium Abatement Portal.

Deadline:

Applications for new cooperative and condominium developments and renewals for existing Cooperative and Condominium Property Tax Abatement recipients are due by February 15.

Changes in Ownership or Eligibility

To notify the Department of Finance of changes in ownership or eligibility for the Cooperative and Condominium Property Tax Abatement, co-op and condominium boards and managing agents should complete a renewal and change form, which must be emailed or postmarked by February 15 each year.

Other Forms and Applications

Cooperative/Condominium Abatement Security Waiver Application

Additional Forms

Disabled Crime Victim/Good Samaritan Exemption Application

Military Request for Relief Application (from Lien Sales, ECB Judgments, Parking Judgments and Tax Warrants) Active military personnel may request relief from the Lien Sale, Tax Warrants, Environmental Control Board judgments, and parking judgments.

Application to Remove Previously Granted Exemption(s) - Online Application

Application to Remove Previously Granted Exemption(s) for Coop Units - Online Application

Application to Remove Previously Granted Exemption(s) (PDF Download)