Once the development has submitted the application, you can contact their management office for information. 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. Individual unit owners can’t apply for the co-op or condo abatement directly. Learn more on the Property Tax Benefits for Homeowners page. Learn more about eligibility requirements.Ĭo-Op and condo owners may also be eligible to reduce their taxes through property tax exemptions. You can only file a renewal if the development is currently receiving the abatement. If your development lost the co-op/condo abatement for not filing the prevailing wage affidavit or if you opted out from filing the affidavit, but now wish to apply for the abatement in tax year 2024/25 you must file an initial application as a new applicant. The deadline to submit the prevailing wage affidavit (for developments required to do so) is February 15, 2024. The deadline to file your Cooperative/Condominium Property Tax Abatement Renewal and Change Form is February 15, 2024. To be eligible, the unit must be your primary residence.Įffective for tax years beginning on or after July 1, 2022, certain properties must submit a prevailing wage affidavit prior to the upcoming tax year to qualify for the Co-Op and Condo Property Tax Abatement. Building management, boards of directors, or other official representatives must apply for the co-op or condo abatement on behalf of the eligible building units. Abatements reduce your taxes after they've been calculated by applying dollar credits to the amount of taxes owed. Co-Op and condo unit owners may be eligible for a property tax abatement.
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