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Real Estate: Coop Tax AbatementsKeywords:Cooperatives, Condominiums, Real Estate Tax In July of 1996, The State Legislators amended the Real Property Tax Law to provide a tax abatement to Coop and Condo unit owners. This is a tax abatement not a reduction in tax rate or assessed valuation by a credit against taxes due. There are many restrictions and requirements. First and foremost, an application for the building and each apartment must be filed. The building must file for the 1st abatement by October 15, 1996 and the individual apartments by March 15, 1997. The abatement ranges from as little as 1.25% the first year for units assessed at more than $15,000.00 to 25% in the 3rd year for units assessed at less than $15,000.00. Buildings subject to J51 or 421 a tax exemptions (not abatements) are not eligible (However, they can give up their exemptions for thus abatement). Other complications result from Senior Citizens Exemptions presently being received by some shareholders. Forms may be obtained by calling _____________ or by "fax back service" by calling __________ from your fax machine.
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