How the estimate works
The co-op/condo abatement cuts the property tax on owner-occupied units in NYC co-ops and condos. Your percentage does not depend on your own apartment. It depends on the whole development's average unit assessed value, which state law (Real Property Tax Law §467-a) defines as the building's total assessed value times its residential share, divided by the number of dwelling units.
- Average unit AV = building assessed value × residential % ÷ residential units.
- Find the tier: 28.1%, 25.2%, 22.5% or 17.5% (see the table in the tool).
- Your tax before the abatement = your unit's assessed value × the Class 2 tax rate.
- Abatement = that tax × your tier percentage.
Assessed value is not market value. Find it on the building's Notice of Property Value or tax bill from the Department of Finance (DOF). In a co-op, DOF taxes the building as a whole, so your share is roughly the building's assessed value split by your shares. In a condo, each unit has its own assessed value.
At a glance
- Top abatement
- 28.1%
- Average unit AV $50,000 or less
- Lowest tier
- 17.5%
- Average unit AV above $60,000
- Filing window
- Oct 5 – Feb 15
- Board or managing agent files
- Purchase cutoff
- January 5
- To count for the next July 1 tax year
Worked example
A 100-unit, all-residential condo has a total assessed value of $8,000,000. The average unit AV is $8,000,000 ÷ 100 = $80,000, which is above $60,000, so the abatement is 17.5%. Your unit is assessed at $80,000. At the 12.439% Class 2 rate, its tax is $9,951. The abatement takes off 17.5%, or $1,741 a year (about $145 a month), leaving $8,210.
If the same building's average unit AV were $48,000, every eligible owner would get 28.1% instead. That is why the abatement tends to be larger in buildings with lower assessed values.
Who qualifies
- The development must be tax class 2 and must not be receiving J-51, 420-c, 421-a, 421-b or 421-g benefits (unless they expire June 30 of the tax year).
- HDFCs, Mitchell-Lama, limited-dividend, redevelopment company, DAMP and UDAAP properties are excluded.
- The unit must be the owner's primary residence, and the owner may hold no more than three residential units in the development.
- Units owned by a business such as an LLC, or held by the sponsor, are generally excluded.
Limits of this estimate
The tool applies your tier to the unit's full Class 2 tax. Other exemptions on your bill, such as STAR or a senior exemption, can change the real figure. The default tax rate is the Class 2 rate DOF lists for tax year 2026; change it when a new rate is published. The tiers in state law run through the 2026/27 tax year. Each December, DOF sends the board a letter with every unit's actual savings.
Next, estimate your full bill with the NYC property tax estimator, or read our guide to the co-op and condo abatement.