The co-op and condo tax abatement allows owners of a co-op or condo in New York City to reduce their property taxes from 28.1% to 17.5%, depending on the average assessed value of the property.
This program is for co-op and condo owners that use their apartment as their primary residence (so no investment properties)! New condo owners, make sure you filed a real property transfer tax (RPTT) form or deed with the Division of Land Records at www.nyc.gov/acris.
So, how do you know if you qualify for the tax abatement? It’s pretty simple:
- You must own fewer than four apartments in the building
- Your property can’t be owned by a trust or corporation
- You must have purchased the unit before January 5th, 2021 to be eligible this year
If you meet all these criteria, here’s how it works:
- You can submit your tax abatement quickly and easily through Daisy’s own system <here>
- Make sure you file by February 15, 2022!
- You’ll receive a refund with your NYS tax refund
This won't apply to many, but two quick notes -
1. There are certain buildings that already participate in certain programs that don't qualify for the co-op and condo tax abatement:
- Urban Development Action Area Program (UDAAP)
- Housing Development Fund Corporation (HDFC)
- Mitchell-Lama buildings
- Buildings in the Division of Alternative Management Programs (DAMP)
2. If you are receiving any of these other abatements, you cannot also qualify for this abatement:
- J-51 exemption
- 420c, 421a, 421b, or 421g
- Clergy property tax exemption (click here if you'd rather receive this abatement than the clergy exemption.)
You can read more details here if you’d like.
