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What Is the Cooperative and Condominium Property Tax Abatement in NYC? - YouTube
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What is the coop condo tax abatement in
New York City and how can you make sure
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that you actually are receiving the
abatement? We'll demystify this topic in the
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following video, my name is Chris at Hauseit. Hauseit is the largest For
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Sale by Owner and Buyer Commission Rebate company in New York City
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established 2014. You can check us out at www.hauseit.com spelling is below.
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The coop condo tax abatement can save apartment
owners 17.5% to
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28.1% off of
their annual property tax bills
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depending on their average assessed
value. The calculation is based on
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several brackets in a progressive
sliding scale. For properties that have
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an average assessed value of 50,000 or less, they qualify for the
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maximum tax savings of 28.1%. For properties with an
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average assessed value of sixty thousand
and one dollar and more, they qualify for
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the lowest tax bracket of 17.5% in savings. Keep in
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mind that that assessed values typically
have nothing to do with true market
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value. For example, let's say a
one-bedroom condo in lower Manhattan
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with a market value of say $2,000,000 might have a assessed value of
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only $150,000 or so. Again, this has
nothing to do with actual market value
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it's just a figure that local officials
used for taxation purposes. So how can
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property owners check whether they've
been eligible or already received the
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coop condo tax abatement? Well, for condo
owners they can shut their property
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taxes directly on the New York City
Department of Finance website and take a
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look at their latest quarterly tax bill.
At the end of the quarterly tax bill,
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they'll see an annual tax figure and
before that they'll see any reductions
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due to abatement or exemptions. If you
are receiving the coop condo tax
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abatement, you will see it outlined as a line item which reduces your tax bill. Coop
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apartment owners will want to ask their
managing agent on whether they've qualified
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and receive the coop condo tax abatement.
You can also check their maintenance
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bill if you are a co-op apartment owner
and see if you have automatically been
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credited money from your next monthly
maintenance bill due to the abatement.
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Oftentimes, co-op buildings will actually
just retain the money that comes from
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the tax abatement directly as revenue
and issue a special assessment to
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shareholders for the exact amount of the
tax rebate so that no money actually
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goes to the shareholder. This is actually
quite common and the reason often given
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for this is to reduce the amount of
maintenance or monthly maintenance
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optically so that it's easier for any
potential sellers in the building. So, as
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a condo or co-op owner, do you need to
apply for the tax abatement yourself?
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Well, no. Actually the managing agent of
your condo or co-op building is
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responsible for filing this on your
behalf and for checking ideally each
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year or whether a condo or co-op
apartment owner still utilizes the
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apartment as his or her primary
residence which brings us to our next
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section. What are the requirements to
qualify for the condo co-op tax
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abatement? The first one as we've
discussed is the property must be the
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primary residence of the apartment owner.
This means
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no investors or second home buyers. The
home cannot be owned by an LLC or any
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type of business. You cannot own more
than three residential units in a
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building, and if you own three or under
then at least one of the units must be
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your primary residence to qualify. Units
owned by sponsors or their successors
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and interests are not eligible.
In a similar vein, if the property is
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held by a trust, the property is only
eligible for the abatement
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the beneficiary has his or her primary
residence at the property. We hope you
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found this video helpful, if you have any
questions about buying and selling
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property in New York City and how you
can save money on closing costs or
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broker commissions please check us out
www.hauseit.com. We'll see you on the next one!
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