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The Deadline

NYC’s Department of Finance is now accepting applications for the 2026-27 tax year abatement. The filing deadline is February 15, or the next business day if that date falls on a weekend or holiday. The board or managing agent files on behalf of the whole building, not individual owners.

What It’s Worth

Abatement levels are tied to a unit’s average assessed value: 28.1% for units assessed at $50,000 or less, 25.2% for $50,001 to $55,000, 22.5% for $55,001 to $60,000, and 17.5% above $60,001. Many boards apply an assessment to shareholders equal to the abatement amount, so the savings may show up on the building’s books rather than as a direct credit to an individual owner.

Who Qualifies

The building must be a Tax Class 2 property and cannot be receiving the J-51 exemption or 420c, 421a, 421b, or 421g commercial tax benefits. Each unit owner must certify that the apartment is their primary residence.

A Related Bill to Watch

Separately, NYC Council Introduction 1015 would extend J-51 tax abatement eligibility to certain alteration and improvement projects completed between June 2026 and June 2036, for buildings with an average assessed valuation under $60,000 per unit. It remains in committee and is not yet law.

• Cooperative and Condominium Property Tax Abatement – NYC Department of Finance
• NYC Council Introduction 1015 (2026-2029)

Questions About How This Affects Your Building?

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