Who receives the partial Abatement for Cooperatives?
The partial tax Abatement for cooperatives will be applied to the entire development’s property tax bill. This bill is called the Statement of Account (SOA). Finance will notify the Cooperative’s Board of Directors or the Managing Agent about the amount of benefit to be credited to each eligible unit. Unlike other non-coop exemptions or abatements which result in cash deductions, Finance has no say to how the benefits will be divided among individual coop shareholders. Each building’s Board of Directors is responsible for applying the reduction to the eligible residential units as they see fit. This benefit may be in cash or used for building repairs, etc. When will eligible units receive the abatement for the current tax year? If the Condominium/Cooperative Property Tax Abatement application is received by February 15, Finance will credit the sum of all abatements and exemptions for eligible cooperative units against the development’s SOA, effective July 1st. In the fall, each develop
