A glitch in the city’s property‑tax system recently left many co‑op and condo boards surprised by higher‑than‑expected July bills. The Department of Finance (DOF) has since fixed the issue and pushed the payment deadline to August 15, 2025 — but boards need to take a few quick steps to confirm everything is accurate and reassure residents.
What happened?
Earlier this summer, a technical error caused some buildings enrolled in the co‑op/condo tax abatement program to miss their usual credit on Q3 bills. In short: the abatements were there, but they weren’t showing up.
The DOF has corrected the bills and confirmed that no interest or penalties will be charged if payment is made by August 15.
What boards should do right now
1. Double‑check your building’s tax bill
Log into the DOF portal or review the mailed statement. Make sure the abatement credit is now applied and matches what you expected.
2. Confirm with your property manager or accountant
If a managing agent handles payments, ensure they’re working off the corrected bill — not the earlier, incorrect one.
3. Look for unit‑level discrepancies
Check that individual apartments received the correct credits. Flag anything unusual so it can be fixed before payment.
4. Document the glitch
Save copies of both the incorrect and corrected statements. This helps if questions arise later or during an audit.
Keep owners in the loop
Share a brief update so shareholders and owners know what’s happening — and that the board is on top of it. A quick email or posted notice works. Include:
- A short explanation of the glitch
- Reassurance that the city corrected the error
- Confirmation of the new deadline
- Any next steps (often, none required for individual residents)
Clear communication prevents unnecessary calls, worry, or rumors about “higher taxes.”
Why this matters beyond August
Tax glitches like this are rare, but they’re a reminder of how important it is for boards to stay organized:
- Keep clear records of abatements and payment history
- Review eligibility requirements for all units annually
- Track compliance deadlines, like the prevailing wage affidavit, to ensure future abatements aren’t at risk
If you’re new to how the co‑op/condo abatement works, Daisy’s full explainer here breaks it down step by step.
Bottom line
With the corrected bills in hand and a new August 15 deadline, this is a quick win: verify, communicate, and pay on time. A little proactive review now will keep your building penalty‑free — and owners and shareholders confident that everything’s handled.
