Co-op/Condo Tax Abatement

N.Y. Real Property Tax Law § 467-a; N.Y.C. Admin. Code § 11-245.4; 19 RCNY Ch. 50

RPTL § 467-a grants Class 2 NYC cooperative and condominium units that are the owner's primary residence a partial property tax abatement ranging from 17.5% to 28.1% based on the development's average assessed value per unit (28.1% at AUAV $50,000 or less, scaling down to 17.5% above $60,000). The board or managing agent applies on behalf of the development; sponsors, units owned by LLCs/corporations/other non-natural-person entities, owners of more than three units, and units receiving J-51, 421-a, or 420-c benefits are ineligible. Developments must certify payment of the prevailing wage to building service workers (per Labor Law § 234) where they have 30 or more units with an average assessed value above $60,000, or fewer than 30 units with an average assessed value above $100,000.