What is the Coop-Condo Abatement?

The Coop-Condo Abatement is a benefit available to qualifying cooperative and condominium homeowners. It provides a property tax reduction that ranges from 17.5% to 28.1%.

  • The application for the Coop-Condo Abatement must be submitted annually by the sponsor or managing agent on behalf of eligible owners.

Who May Apply for the Coop-Condo Abatement?

The Coop-Condo Abatement is generally available to eligible cooperative and condominium homeowners who use their apartment as their primary residence, and so long as the apartment was purchased on or before January 5th of the tax year for which the application is being made.

There are no age or income restrictions for eligibility for the Coop-Condo Abatement. Apartments that are owned in trust may be eligible if the apartment is the primary residence of the beneficiary of the trust, the trustee or the life estate holder.

Among exclusions from eligibility, the Coop-Condo Abatement is not available to:

  • A business entity (such as an LLC).
  • An owner who owns more than three residential apartments in the same development or a sponsor.
  • Mitchell-Lama or HDFC cooperatives.

Application Process for Renewals and Changes

To continue receiving an existing abatement and to add new eligible homeowners to the abatement, sponsors and/or managing agents must file the 2018/2019 Tax Benefit Change Form by February 15, 2018.

Copies of the Tax Benefit Change Forms are available here.

Application Process for New Construction Buildings or Existing Buildings That Have Never Applied for the Coop-Condo Abatement

February 15, 2018 is also the filing deadline for the Coop-Condo Abatement application for buildings that will be first-time applicants —whether because they are new construction buildings or existing buildings that have never applied for benefits in the past.

No building — whether it already receives the Coop-Condo Abatement or is applying for the first time — may simultaneously receive the Coop- Condo Abatement and other property tax incentives such as 421-a or J-51.

A copy of the 2018/2019 Cooperative and Condominium Property Tax Abatement Application for first time applicants is available here.

Is the Coop-Condo Abatement the Only Benefit Available to Shareholders and Unit Owners in a Cooperative or Condominium?

No. The Coop-Condo Abatement is only one of many benefits available to cooperative and condominium homeowners. A list of other benefits, such as the Disabled Homeowners Exemption, Senior Citizen's Homeowner's Exemption and the STAR Exemption, is available on the Department of Finance's website here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.