Unlocking Tax Relief: The Condo and Co-op Property Tax Abatement Program in New York City

Co-op and Condo Property Tax Abatement (CCTA) Program in New York City

The Co-op and Condo Property Tax Abatement (CCTA) program in New York City provides eligible cooperative and condominium apartment owners with a partial abatement of their property taxes. This program is designed to make home ownership more affordable while supporting vibrant communities throughout the city.

Building Eligibility Requirements

To qualify for the CCTA program, the building must meet the following requirements:

1. Classified as a cooperative or condominium.

2. Constructed or converted on or after January 1, 1965.

3. Contain at least 3 residential units.

4. Located in a class two or class four tax district.

5. Not part of UDAAP, HDFC, or DAMP programs.

6. Not part of another tax abatement program (J-51, 420c, 421a, 421b, or 421g).

7. Meet prevailing wage requirements:

   • 30 or more units with an average assessed unit value over $60,000, or

   • Less than 30 units with an average assessed unit value over $100,000.

Unit Owner Eligibility Requirements

Unit owners of an eligible building must also meet the following criteria to qualify for CCTA benefits:

1. The unit must be occupied as the owner’s primary residence.

2. The unit must not be owned under a business entity (LLC).

3. The unit must not be owned by the sponsor or its successors in interest.

4. Units owned by a trust are eligible only if it is the primary residence of the beneficiary, trustee, or life estate holder.

Property Tax Reductions

Eligible owners will see their property taxes reduced based on the average assessed value of residential units in the building:

• $50,000 or less → 28.1% reduction

• $50,001–$55,000 → 25.2% reduction

• $55,001–$60,000 → 22.5% reduction

• $60,001 and above → 17.5% reduction

Application Process

To apply, an authorized representative—such as the condo board association or the property management company—must submit an application to the NYC Department of Finance.

Once submitted, the Department of Finance reviews the application and determines eligibility. If approved, the abatement will appear on property tax bills as a credit.

To remain eligible, a CCTA Renewal and Change Form must be submitted annually by the February 15 deadline.

Role of Property Managers

While a property manager is not required to apply for the CCTA program, they can be a valuable resource. Experienced condo property managers:

• Provide guidance and support during the application process.

• Help collect and organize necessary documentation.

• Submit applications on behalf of the condo or co-op board, if authorized.

• Ensure renewals are filed accurately and on time.

Boards that choose to delegate this task to a property manager benefit from convenience and professional oversight, reducing the risk of errors or missed deadlines.

Final Thoughts

The CCTA program is an important tool for providing tax relief to co-op and condo owners in New York City. By lowering property taxes and making ownership more affordable, it strengthens communities across the city. Whether you are an individual owner or part of a condo board, working with a professional property management company like My Property Man can simplify the process and help ensure your building remains compliant.