Money & Taxes · New York City
If you buy a co-op or condo here, ask about the tax abatement
New York City gives many co-op and condo owners a property tax break tied to primary homes, but the abatement depends on the building's board filing.
Published June 21, 2026 · Last verified June 21, 2026
Buying in Manhattan often means comparing a co-op packet with a condo packet. With a co-op you buy shares in the company that owns the building and receive a lease on your unit. With a condo you own the unit itself. Either way, compare the monthly cost, not just the asking price.
The city has a Cooperative and Condominium Property Tax Abatement that can lower the property tax bill. The savings generally run from about 17.5% up to 28.1%, depending on the unit’s assessed value. Two catches matter most: the home must be your primary residence, and units owned by an LLC, a business, or the building’s original sponsor do not qualify.
The buyer detail is simple but easy to miss: the board files for the building. Before you sign, ask the managing agent two plain questions: does this building receive the abatement, and will this unit qualify after my purchase?
Save the answer with the offering plan, board package, closing estimate, and monthly charge comparison. Then confirm the current purchase-date cutoff, eligibility rules, and deadlines on NYC Finance’s page.