Tax Relief Programs

Tenant-shareholders in our co-op may be eligible for a number of tax relief programs provided by the City and the State of New York.

The Cooperative and Condominium Tax Abatement provides partial tax relief to reduce the disparity in property tax paid between residential buildings and stand-alone private homes, which are assessed at a lower percentage of market value. The co-op has applied for and has been receiving this abatement since 1997, which is reflected in shareholders’ maintenance bills.

Tenant-shareholders may also be entitled to the New York State School Tax Relief Program (STAR), the Senior Citizen Homeowners’ Exemption (SCHE), the Veterans’ Exemption, and the Disabled Homeowners’ Exemption (DHE). These programs are available to shareholders whose apartment in the co-op is their primary home. Shareholders must apply for these tax relief programs personally. Once approved, the tax exemptions appear as credits in shareholders’ maintenance bills. For more information and to apply, visit the website of the City of New York Department of Finance.

These tax refunds must be subtracted from the real estate taxes you declare as itemized deductions on your IRS 1040 form (see Tax Deductions).

« Tax Deductions

Washing Machines and Dryers »