Due to a change in state law, the Cooperative and Condominium Property Tax Abatement has changed for tax year 2022-23 (which begins July 1, 2022) and subsequent tax years.
Managing agents and boards must obtain primary residency information from unit owners and shareholders and submit the information as part of their initial or renewal application for the tax year, but they are no longer required to certify the accuracy of the information.
In addition, certain developments are now required to submit a prevailing wage affidavit certifying that all building service employees employed or to be employed at the property shall receive the applicable prevailing wage for the duration of such property’s tax abatement.
Prevailing wage affidavits must be filed for properties that have (1) 30 or more residential dwelling units and an average unit assessed value of more than $60,000, or (2) less than 30 residential dwelling units and an average unit assessed value of more than $100,000.
Please refer to the following FAQs for more information.
The managing agent or board remains responsible for applying for or renewing the cooperative and condominium abatement on behalf of the development. The method to submit an initial or renewal application for the abatement has not changed. Initial or renewal applications can be submitted online via the Cooperative Condominium Abatement Portal (CCAP) or by using paper forms mailed to the Department of Finance. The deadline to file for the abatement is February 15.
The managing agent or board will continue to provide information on the primary residency of unit owners or shareholders as part of their initial or renewal applications. Managing agents and boards must obtain primary residency information from unit owners and shareholders and submit the information as part of their initial or renewal application for the tax year, but they are no longer required to certify the accuracy of the information. The Department of Finance will follow up directly with unit owners and shareholders on primary residency verification issues.
For tax year 2023-24, which begins July 1, 2023, and subsequent tax years, unit owners and shareholders will be required to certify their primary residency to their managing agents or boards. The managing agents or board will be responsible for maintaining the certification information in their records.
Check the list of developments to see if your development is required to submit the prevailing wage affidavit. If so, you will complete and upload the affidavit form.
As noted above, prevailing wage affidavits must be filed for properties that have (1) 30 or more residential dwelling units and an average unit assessed value of more than $60,000, or (2) less than 30 residential dwelling units and an average unit assessed value of more than $100,000.
Please note that the list of developments required to file the prevailing wage affidavit will be updated in January, after the tentative property tax roll for the next tax year is released. The Department of Finance will notify the managing agent or board if their required filer status changes due to a change to the property’s tentative roll assessed value—for example, as the result of a Tax Commission action.
If you have already submitted your initial or renewal application for tax year 2022-23, you still need to submit the prevailing wage affidavit.
The affidavit must be signed by an officer of the cooperative or the condominium or by an authorized agent. A managing agent may be an authorized agent provided the managing agent is authorized by the board to sign on behalf of the cooperative or the condominium.
If your development is required to file the prevailing wage affidavit but has no building service workers, you must still complete, notarize, and submit the affidavit. You will see a box that you must check to indicate that the development does not employ building service employees.
To opt out of receiving the cooperative/condominium abatement, you must log in to www.nyc.gov/ccabatement and submit the “Co-op/Condo Tax Abatement Benefit Opt-Out” form.
The opt-out form is submitted once. The abatement will be removed effective July 1, following the deadline to file. To apply for the cooperative/condominium abatement in future years, you must comply with all requirements and timely submit a new, complete application for benefits.