Co-op & condo
Own a co-op or condo? Check the abatement
SCAR is the lane for houses. For apartment owners, the money is the RPTL 467-a abatement: 17.5 to 28.1 percent off the property tax, every year, for units that are their owner's primary residence.
What the abatement pays
The benefit is a percentage off the unit’s property tax, set by the average assessed value of the residential units in the development:
| Average unit assessed value | Benefit |
|---|---|
| $50,000 or less | 28.1% |
| $50,001 to $55,000 | 25.2% |
| $55,001 to $60,000 | 22.5% |
| $60,001 and above | 17.5% |
On a $12,000 annual tax bill, that range is $2,100 to $3,372 a year. It is not a one-time credit; it recurs every year the unit qualifies, and a year it was not claimed is a year it is gone.
Why eligible owners still miss it
The unit owner does not file for this benefit. The building’s board or managing agent files for the whole development, by February 15 each year, and reports which units are primary residences. A unit falls through when the building’s filing lapses, when a new owner closes after the reporting cut-off, when a transfer into or out of a trust or LLC changes the record, or when the primary-residence flag is simply wrong.
The rules that decide a unit
- The unit must be its owner’s primary residence.
- It must be tax class 2. Sponsor units and units held by a business, an LLC included, do not qualify.
- An owner of more than three units in one building qualifies for none of them.
- It cannot be combined with certain other exemption programs on the same unit, which is a fact worth checking rather than assuming in either direction.
The checker on the landing page reads the city’s own benefit record for your lot and says whether the abatement shows. For a condominium the record is unit by unit, so the definitive answer is a check of your unit’s own tax lot, which MGNY does in minutes.
Find out where your own number stands
The free check reads the city’s assessment roll for your property, tests the assessment against the 6 percent class standard on the value you give, and checks the benefit record for the co-op/condo abatement. It takes about a minute and asks for no sign-up.