Co-Op and Condo Property Tax Abatement

The amount of your benefit depends on your unit’s average assessed value.

Unit Owners

Individual unit owners can’t apply for the co-op or condo abatement directly. If you are a co-op shareholder or condo unit owner, you should tell your board or managing agent if the unit is your primary residence so that you can receive the abatement. Once the development has submitted the application, you can contact their management office for information.

If you live in a building that doesn’t have a board, managing agent, or association, or if your building doesn’t get the annual condo co-op breakdown letter, contact the Department of Finance (DOF) for assistance.

Contact DOF.

Managing Agents or Boards

Co-Op or condo developments that are applying for the abatement for the first time must complete the Co-Op and Condo Property Tax Abatement Application. They must provide information about each unit and collect information from unit owners regarding their primary residence.

If the development already receives the abatement and the eligibility or the ownership of a unit has changed, the development must report those changes to the Department of Finance (DOF) so the owner of the unit can start receiving the benefit.

Building management applying for the abatement for the building for the first time can apply online or by mail.

Online

Apply for the Co-op or Condo Abatement.

By Mail

Building management applying for the abatement for the building for the first time can get a copy of the application online or by mail.

The management company or board of directors is legally required to renew the property tax abatements for all units in the building by February 15 every year. You can contact your management company or board of directors to confirm that they have renewed your abatement.

If they haven’t done so previously, management and boards must also notify the Department of Finance (DOF) about changes to the eligibility or ownership of the units. If you're a member or representative of a management company or board, it's recommended that you renew and report changes electronically, but if you’re unable to file online, you can mail a paper application.

If you are a member of the board of directors, managing agent, or other official representative of a co-op or condo building, you are responsible for keeping the Department of Finance updated about the ownership and eligibility of units in your development.

You must report changes to:

• Apply for the abatement for new owners
• Remove the abatement from any sold units no longer being used as an owner's primary residence
• Correct ownership mistakes
• Correct errors in the annual co-op benefit letter sent by DOF

2022-2023 Tax Year

The deadline for building managers and boards to apply for or renew the benefit was February 15, 2022. The deadline to submit the prevailing wage affidavit (for developments required to do so) has been extended to April 15, 2022.

• Eligible buildings with applications postmarked on or before February 15, 2022 will start receiving their benefits on July 1, 2022.
• Eligible buildings with applications postmarked after February 15, 2022 will start receiving their benefits on July 1, 2023.

2021-2022 Tax Year

The deadline for building managers and boards to apply for or renew the benefit was February 16, 2021.

• Eligible buildings with applications postmarked on or before February 16, 2021 will start receiving their benefits on July 1, 2021.
• Eligible buildings with applications postmarked after February 16, 2021 will start receiving their benefits on July 1, 2022.

Phone and Virtual Assistance Appointments

Phone Appointments

You can schedule an appointment online for Property Tax Exemption application assistance over the phone.

You must select the Exemptions Virtual Appointments option and then in contact details notes request your appointment by phone.

Appointments can be scheduled for 2 to 30 days in advance.

You will be contacted by telephone at time of appointment.

Schedule an appointment.

Virtual Appointments

You can schedule a virtual appointment online for Property Tax Exemption application assistance.

Appointments can be scheduled for 2 to 30 days in advance.

You will be contacted by telephone at time of appointment.

Schedule an appointment.

Co-Op Owners

If you own a co-op, your co-op’s managing agent, or board of directors gets the property tax bill for the entire building. You can contact them for payment and exemption information for your apartment.

You can contact the Department of Finance to request a printout with exemption and abatement information for your apartment.

Contact DOF.

Co-Op and condo unit owners may receive a notice from Department of Finance (DOF) asking you to certify that the unit is your primary residence or to provide more information regarding primary residency. Make sure you certify your eligibility by the deadline provided in the notice to avoid a disruption in your benefit.

You must file a prevailing wage affidavit if your property has

• 30 or more residential units and an average assessed value of more than $60,000 OR
• has less than 30 residential units and an average unit assessed 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. The affidavit is available online and should be uploaded with your co-op and condo property tax abatement application, using the Co-Op/Condo Abatement Portal.

Failure to file the affidavit will result in the entire building being ineligible to receive the abatement.  Prevailing wage is enforced by the City Comptroller. If you file an affidavit but are found to not have paid the proper prevailing wage the building could be subject to civil penalties and may be ineligible to receive the abatement.  

Learn more about prevailing wages.

Find a preliminary list of buildings required to file an affidavit.

Even if an owner is eligible for the abatement, that owner must have purchased the apartment on or before January 5 to be credited with the abatement starting the following July.

Eligible owners will be credited with the abatement starting July 1 if:

• They purchased their co-op or condo on or before January 5, OR
• The board submitted their names by the February 15th deadline.

Eligibility for the co-op and condo abatement is based on the unit's status on January 5th. If a co-op or condo property was recently purchased after the taxable status date of January 5, the abatement will remain on the property until the current tax year ends.

For example, for a unit purchased on February 15 and used as a primary residence, the new owner will not receive the abatement until the following tax year, starting July 1, if the prior owner was not using the unit as a primary residence on January 5.

The change in ownership must be recorded with the City. The co-op board, managing agent, or condo association is responsible for providing the Department of Finance with the new owner information.

If you live in a building that doesn’t have a board, managing, agent, or association, or if your building doesn’t get the annual co-op/condo breakdown letter, contact the Department of Finance for assistance.

Contact DOF.

You can get answers to questions about the Co-Op and Condo Abatement and help with:

• Applications and filing
• Renewing and reporting
• Abatement denials and revocations