Coop/Condo Property Tax Abatement
N.Y. Real Property Tax Law § 467-a
N.Y. Real Property Tax Law § 467-a provides a partial property tax abatement for NYC cooperative and condominium units used as the owner's primary residence, administered by the Department of Finance (Commissioner of Finance). The abatement is available for no more than three dwelling units in any one property, and developments above defined size and average-assessed-value thresholds must file a prevailing wage affidavit certifying that all building service employees receive the applicable prevailing wage to remain eligible. Applications, renewals, and prevailing wage affidavits are due by February 15.
Who must comply
Other DOF regulations
RPTT Rules (19 RCNY Ch. 23)
19 RCNY Chapter 23 (Rules Relating to the Real Property Transfer Tax)
STAR
N.Y. Real Property Tax Law § 425 (Basic & Enhanced STAR)
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
ICAP
N.Y. Real Property Tax Law §§ 489-aaaaaa to 489-kkkkkk; NYC Admin. Code §§ 11-268 to 11-278; 19 RCNY Ch. 36
NYC Property Tax Classes & Assessment Caps
N.Y. Real Property Tax Law Art. 18 §§ 1801-1806 (esp. § 1802 classification, § 1805 assessment increase caps)
RP-5217NYC Transfer Report
NY Real Property Law § 333 (Real Property Transfer Report — Form RP-5217NYC)
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