NYC Condo Co-op Tax Abatement

HomeOwner tips

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:

  1. You can submit your tax abatement quickly and easily through Daisy’s own system <here>
  2. Make sure you file by February 15, 2022!
  3. 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.