Tax Abatement Types And Durations In NYC
421a Tax Exemption/Abatement
A cooperative and condominium tax abatement reduces the tax bill of qualified properties (co-op or condo apartments) by a set percentage. There are four tiers based on the assessed value of the property.
Source – NYC Department of Finance
Some of the requirements to qualify for this abatement are:
- The residential unit must be the owner’s primary residence, and they shouldn’t have more than three units in the building.
- The property should be in tax class 2.
- The owner is not receiving other tax abatements (like 421a).
- Business (LLC) and sponsor-owned units don’t qualify.