News About the Cooperative/Condominium Abatement
Recently,
the NY State Legislature passed bill S2320/A3354, which amended the
Co-op/Condo Abatement. For more information and a description of
changes, click here. Owners of cooperative units and condominiums who qualify for the Co-op/Condo Property Tax Abatement can have their property taxes reduced. The amount of the abatement is based on the average assessed value of the residential units in the building. Abatement percentages are shown in the following table: Average Assessed Value Benefit Amount Per Year 2012/2013 2013/2014 2014/2015 $50,000 or less 25% 26.5% 28.1% $50,001 - $55,000 22.5% 23.8% 25.2% $55,001 - $60,000 20% 21.2% 22.5% $60,001 and above 17.5% 17.5% 17.5% Co-op Tax Benefits Letter Finance will be mailing
a Co-op Tax Benefits Letter outlining each unit's tax savings for
personal exemptions and the co-op property tax abatement. For more
information and the Co-op Tax Benefit Change Form, click here. Phase Outs for Owners Currently Receiving the Abatement If
you are an owner who is not using the unit as your primary residence
and you received the abatement in 2011/2012, your abatement will be
phased out. We mailed you a letter explaining that we think you no
longer qualify for the abatement. As the deadline to respond to the
letter has been extended, responses must be mailed by July 22, 2013 and
sent to:
This is how the phase out will work: Tax Year Phase Out Abatement Amount How You or Your Co-op Board Will See This on Your Bill 2012/2013 50% of the 2011/2012 abatement You or your board will see an percentage you received before the Abatement Reversal Charge on your abatement was amended. 2013/2014 Property Tax Bills. 2013/2014 25% of the 2011/2012 abatement You or your board will see a reduced percentage you received before the abatement amount on your 2013/2014 abatement was amended. property tax bills starting with your July 2013 bill 2014/2015 0% Abatement will no longer appear on your property tax bill. How to Apply Cooperative and condominium developments that are filing for the abatement for the first time should complete the Cooperative and Condominium Property Tax Abatement application. The application must be submitted by the board of directors or managing agent on behalf of the entire development. Deadline: Applications for new cooperative and condominium developments were due April 1, 2013. Requirements
For more information on requirements and recent changes to the abatement click here. Note for Property Owners: You may also be eligible to receive the following personal exemptions:
Basic or Enhanced School Tax Relief (STAR), Disabled Homeowner, Senior
Citizen Homeowner and Veterans. The application for these exemptions
must be postmarked by March 15. If you own a co-op, contact your
management company to find out what exemptions you are receiving in the
current tax year (July to June). Call before March so that you will
still have time to apply for benefits in the next tax year. If you own a
condo, you can find your current exemptions on your Property Tax Bill . |
 |
|||||
 
CategoriesCapital Gains TaxClosing Costs Condos and Coops Deeds Foreclosure Home Buying and Selling Home Mortgage Refinance Homeowner's Insurance Investors Loan Modification Making Home Affordable Real Estate Real Estate Closing Costs Refinance Short Sales Title Forms Title Insurance TRID Types of Ownership of Real Property Welcome Zoning |
|
 |
|||
    |
|||||
