Are You Eligible for a Real Estate Tax Abatement?

We are beginning our annual Co-op Tax Abatement filing for 2016/2017, and are submitting data on all of our new shareholders who purchased from January 6, 2015 to January 5, 2016. This is also an opportunity for any shareholders whose resident status has changed to primary and currently meet the requirements for New York City’s co-op tax abatement program. Any shareholders who feel that the City’s Department of Finance erred in declaring their unit ineligible for the abatement can also reapply at this time. Please contact your Account Executive in writing stating that your unit is your primary residence as of January 5, 2016, and we will submit your information. The filing deadline is February 15, 2017. For more information visit http://bit.ly/cooptaxbreak
In addition, there have been some changes in the STAR abatement program. New applicants who qualify for Basic or Enhanced STAR will now register with New York State instead of applying with the tax assessor, and will receive a STAR credit in the form of a check, rather than a property tax abatement.
New applicants who qualify for Enhanced STAR do not need to register separately to receive the Enhanced benefit if already registered to receive the Basic benefit. When
registering for the STAR credit, the Tax Department will automatically review each application to determine eligibility for the Basic or Enhanced STAR. For further information on the STAR abatement program and how it could benefit you, visit http://bit.ly/STARabatement.

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