Owners of cooperative units and condominiums who meet the requirements for the Cooperative and Condominium Property Tax Abatement can have their property taxes reduced. The amount of the abatement is based on the average assessed value of the residential units in the development.
As of 2019, NYC regulations for Cooperatives and Condominiums require management (All Area Realty Services) to gather owner information from all unit owners in cooperatives and condominiums for the NYC Tax Abatement process.
Do not assume we have this information, as what we have on file may be outdated.
All information will be submitted by All Area Realty services to NYC Dept. Of Finance annually by February 15 of every year.
The information supplied by owners in this form will be used to create a 1098 IRS tax form. (****Cooperatives only****)
Please note: The Information, must be accurate.
***Updated by AARS on 11-16-2022***