Subscribe for Daily Updates!
I need a concrete answer if anyone really knows this but our coop is saying the coop/condo tax abatement will NOT be renewed in July 2021 because of lack of support in Albany. Has anyone else heard this or who can we verify it with?
Join the Conversation Comments (3)This is the first that I'm hearing about this. Like Steven says, please find out the source of this information and share it with us.
It is from the coop's financial advisors who have "contacts in Albany" - that is the best I can find out. I can't imagine it is fully accurate as there would, no doubt, be an uproar. I have tried Google etc.
Has anyone heard hints of this? It may be that it is partially true but I cannot imagine they will not renew the abatement. Help.
Our coop raised the maintenance almost 7% in case it is true.
DM -There are many different tax abatement programs that are loosely called "Real Estate Tax Abatement'
There's the actual individual tax abatement which is distributed each year to co-op owners in the form of a maintenance credit. This is usually offset by the board approving an annual assessment that is approximately the amount of the abatement credit. This is the traditional Real Estate Tax Abatement. Another abatement intended for seniors is STAR.
There are other tax abatement programs intended for developers and co-op corporations. These include the 421-a tax exemption and the J-51 abatement program.
The reason why these latter programs may be disappearing is the need for them no longer exists. One program encouraged new development in underprivileged areas. Another was to prod landlords into upgrading core building services and structures.
Please ask your financial-advisor-with-benefits exactly which tax abatement is not being renewed in 2021. As you noted, there would be a huge uproar if the seminal Real Estate Tax Abatement were actually allowed to die.
Please let us know what you find out. Thanks!
Thanks for the info but my question was very specific. It concerns only the cooperative/condo annual abatement.
Financial adviser heard it from his contacts in Albany. Sounds like the horse told me to bet on #7 in 3rd race. All kidding aside, I just filled out my abatement for the next 2 years. I would call 311 they will put you in contact with people who handle this question. You can also check the internet. It sounds like something is fishy, the reason I say this is your managing agent distributes the money to all share holders who has claimed the abatements. Best of Luck
Real estate tax rebates for coops are not abatements, which are limited in time and phase out. It sounds more likely that abatement programs will end for new developments.
Hi DP,
I requested a copy of a breakdown list from the D.O.F. via email. It shows the exemptions I will be receiving and the co-op abatement. Hope this eases your concerns
From attorney Stuart Saft on 3 June 2021: "I am pleased to report that the Legislature just passed bills extending the Co-Op/Condo Tax Abatement without any changes. Now it just needs the Governor’s signature. "
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Have you asked whoever told you the abatement was being eliminated where they got their inside information from? If you find out, please share it with the rest of us.
In the meantime, try searching on "Is the NYC co-op tax abatement being eliminated in 2021?". That way you'll have your pick of concrete answers and can choose whichever is most suitable for your purposes.
Good luck.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.