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Proposed Legislation Would Restrict Co-op/Condo Tax Abatement

The New York State Legislature is considering a bill that, if passed, would eliminate the New York City cooperative and condominium tax abatement on units with an assessed value of $200,000 or more. The sponsors of the bill, numbered S5267A in the State Senate and A7092A in the Assembly, claim this would affect only the most expensive 10% of coop and condo units citywide, although in certain neighborhoods the percentage could be much greater. The legislation would reallocate the increased tax revenue for the benefit of the New York City Housing Authority. The tax abatement program would be continued for another year for other coop and condo owners, subject to the existing eligibility requirements. Boards, shareholders, and unit owners may wish to contact their state legislators and express their opinion of this proposal.