Even if an owner is eligible for the abatement, that owner must have purchased the apartment on or before January 5 to be credited with the abatement starting the following July.
Eligible owners will be credited with the abatement starting July 1 if:
- They purchased their co-op or condo on or before January 5, OR
- The board submitted their names by the February 15th deadline.
Eligibility for the co-op and condo abatement is based on the unit's status on January 5th. If a co-op or condo property was recently purchased after the taxable status date of January 5, the abatement will remain on the property until the current tax year ends.
For example, for a unit purchased on February 15 and used as a primary residence, the new owner will not receive the abatement until the following tax year, starting July 1, if the prior owner was not using the unit as a primary residence on January 5.
The change in ownership must be recorded with the City. The co-op board, managing agent, or condo association is responsible for providing the Department of Finance with the new owner information.
If you live in a building that doesn’t have a board, managing, agent, or association, or if your building doesn’t get the annual co-op/condo breakdown letter, contact the Department of Finance for assistance.