Property Tax Abatements for NYC Co-op & Condo Owners: How to Apply
New York City offers several property tax abatements and exemptions to help co-op and condo owners reduce their annual tax liabilities. Understanding these programs and their application processes can lead to significant financial savings. Below is an overview of the primary abatements available, along with direct application links and essential details.
1. Cooperative and Condominium Property Tax Abatement
Overview:
This abatement provides tax relief to owners of co-op and condo units that serve as their primary residences. The reduction ranges from 17.5% to 28.1%, depending on the unit's assessed value.
Eligibility Criteria:
✔ The unit must be the owner's primary residence.
✔ The co-op or condo development must apply on behalf of its eligible units.
Application Process:
Managing Agents or Boards: Submit applications through the Cooperative Condominium Abatement Portal (CCAP).
Individual Owners: Inform your management office of your primary residency status to ensure inclusion in the abatement application.
🗓 Deadline: February 15 annually
2. School Tax Relief (STAR) Program
Overview:
The STAR program provides property tax relief on school taxes for eligible homeowners. There are two variations: Basic STAR and Enhanced STAR.
Basic STAR:
✔ Available to owners of primary residences with incomes not exceeding $250,000.
✔ Exemption on the first $30,000 of the full value of the home.
Enhanced STAR:
✔ Available to homeowners aged 65 or older with incomes not exceeding $60,000.
✔ Exemption on the first $50,000 of the home's full value.
Application Process:
New Applicants: Apply through the New York State Department of Taxation and Finance.
Existing Recipients: Renewals are automatic, but it’s advisable to confirm with the STAR program.
🗓 Deadline: Varies by applicant type
3. Senior Citizen Homeowners’ Exemption (SCHE)
Overview:
SCHE provides a property tax exemption for senior citizens, reducing the property’s assessed value by 5% to 50%, depending on income.
Eligibility Criteria:
✔ Homeowner must be 65 or older.
✔ Annual income must be $58,399 or less.
✔ The property must be the primary residence.
Application Process:
New Applicants: Complete the SCHE application and submit it to the NYC Department of Finance.
Renewals: The NYC Department of Finance sends renewal notices; however, it's advisable to verify your status annually.
🗓 Deadline: March 15 annually
📌 Application Link: SCHE Application Form
4. Veterans Property Tax Exemption
Overview:
This exemption reduces property taxes for qualified veterans, their spouses, or unremarried surviving spouses.
Eligibility Criteria:
✔ Honorably discharged veterans who served during eligible periods of war.
✔ The property must be the primary residence.
Application Process:
New Applicants: Complete the Veterans Exemption application and submit it to the NYC Department of Finance.
Renewals: Generally automatic, but it’s advisable to confirm annually.
Deadline: March 15 annually
Application Link: Veterans Exemption Application Form
Final Considerations:
✔ Primary Residence Requirement: Most abatements and exemptions require the property to be the owner’s primary residence.
✔ Income Limits: Certain programs have income thresholds; ensure you meet these before applying.
✔ Strict Deadlines: Applications must be submitted on time to receive benefits for the upcoming tax year.
For comprehensive information and assistance, visit the NYC Department of Finance or consult your property management office.
📞 Need Help? Contact Total Management NYC at 718-312-8841
Our team specializes in helping NYC co-op and condo owners navigate tax abatements and exemptions. Let us assist you with the process to maximize your savings.