Co-op Handbook
Tax Relief Programs
Residents in our co-op have been eligible for two tax relief programs in the last few years: real estate tax abatement and STAR.
The real estate tax abatement has been granted since 1997 to co-ops and condos that qualify. This abatement is redistributed to shareholders as a refund on their maintenance bills over the first six months of the year.
STAR is the New York State School Tax Relief Program, and provides an exemption from the school portion of property taxes for owner-occupied primary residences. In New York City, residential property owners are eligible for this real estate tax break as long as their property is their primary residence, and they correctly file a STAR exemption application with the New York City Department of Finance. This refund also appears on the maintenance bills of shareholders who qualify.
These tax refunds must be subtracted from the real estate taxes you declare as itemized deductions on your IRS 1040 form (see Tax Deductions).
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