In: nyc tax abatement
Between the years of 1992 and 2013 buildings that carried an assessed value of less than $40,000 were eligible to file for a J-51 for renovation work that qualified for the abatement. In 2013, the limits were tightened to an assessed value of $30,000 or less, leaving a large chunk of middle-income buildings in the lurch when it came to receiving abatements to offset the very expensive work that they were doing.
The New York City Department of Finance has recently changed its application process for the Co-op and Condo Property Tax Abatement (“CCA”) for unit owners. Unit owners can now apply for the CCA by completing the Homeowner Tax Benefit Application (click here to download). The revised application now includes CCA in addition to other benefits, such as STAR.
The following groups can now apply using this form:
– Unit Owners who purchased their unit / shares by January 5, 2015 are eligible to apply for the 2015 / 2016 tax year (July 1, 2015 – June 30, 2016). The filing deadline for this tax period was March 16, 2015.
– Unit Owners who purchased their unit / shares after January 5, 2015 should apply for the 2016 / 2017 tax year when that application (the updated links in this post now point that new link).
Please note that to be eligible, you must must use the subject unit as a primary residence and you can not own more than three residential units in the co-op or condo development.
If the unit is owned by a business entity, such as an LLC or a sponsor, your unit is not eligible for the abatements from the city.
In order to apply for the Abatement, you can view and download the application at this link: http://www1.nyc.gov/assets/finance/downloads/pdf/payment_operations/exemptions_appl.pdf or you can call 311 and have the application mailed to you.
In addition, as a new policy that is in effect for 2015, an application will be given out at each closing for a new Shareholder or Unit Owner so that they may have the information as soon as they purchase a unit.