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I think it would be very unlikely (but I may be wrong) that there are any real estate or other tax abatements available to co-ops from NYC simply because there was a capital improvement. If there were, every co-op in NYC would be the epitome of modernization and NYC would be bankrupt due to the loss of revenue from its favorite piggy-bank, Class 2 buildings.
The only tax savings I am aware of for capital improvements is the waiving of sales tax. Make sure your managing agent gets the proper forms signed by your contractor.
If you do apply for such an abatement and you receive it, I implore you to post the details on here so we can all take advantage of it! :-)
As the late, great, Yogi Berra would say, "Vote 'da bums out!" :-)
In the same vein as dealing with lousy co-op boards, the only effective way of getting real tax relief is by electing more sympathetic politicians. Not expecting it in my lifetime, though.
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thank you Steven. Class 2 buildings are taking a tax beating - year after year! What can be done?
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