It reduces the property taxes on your unit. The amount depends on your unit’s average assessed value: 28.1% at $50,000 or less, 25.2% from $50,001–$55,000, 22.5% from $55,001–$60,000, and 17.5% above $60,000. For most owners it is several hundred to a few thousand dollars a year.

The city does not accept applications from individual owners. The Department of Finance requires the managing agent or board to file once for the whole development, listing every unit. That is why we have to collect your answers rather than you filing on your own.

The city requires a tax ID for every owner on every line of the filing — it is how they match the unit to the person claiming it as a primary residence. Without it the unit cannot be filed.

We already hold your number from last year’s filing, encrypted. On this page you are only confirming it: you type just the last four digits, we compare them with the four we hold, and what you typed is discarded immediately — it is never saved, emailed, or shown to staff. You never type the whole number here.

It is the home you actually live in most of the year — the address you use for your tax return, voter registration and driver’s licence. A pied-à-terre, a rental investment, or a second home does not qualify.

The city treats a blank primary-residence answer as a “No”, and the abatement is not granted for that unit. If you qualify, it is worth taking the two minutes.

Yes, provided a trustee or beneficiary lives in the unit as their primary residence. The trust itself can never hold primary residence, so we need that person listed by name. The city also asks for a complete copy of the trust document, which you can attach on the form.

You may claim the abatement on your primary residence. However, if you own more than three units in the same development, none of them receive the primary-residence abatement under the city’s rules.

Only if the purchase closed on or before January 5 of the current tax year, and the deed or transfer was properly recorded. If you closed after that date, you become eligible the following tax year.

Correct the names directly on the form. If the tax ID we hold is wrong, tick the box that says so — that notifies the management office, and someone will contact you to fix it. Please do not email your Social Security number to anyone.

We file with the city by February 15, 2027. We ask for your confirmation well before then so there is time to sort out any problems.

Apartments owned by a business (such as an LLC), apartments still held by the sponsor, owners who receive the clergy property tax exemption, and owners who hold more than three apartments in this development. The abatement is also unavailable while the building receives a J-51 or 421-a/b/g benefit — that is a building-level rule the managing agent handles.

Yes: the deed and the transfer tax form must be recorded with the City Register (Division of Land Records). Without that, the City cannot see you as the owner, whatever we file. Co-op purchasers do not need this step.

The City credits the abatement to the building’s tax bill, and the building passes your share on to you through your maintenance or common charges. Nothing is paid to you directly.

If you sell, move out, add or remove an owner, or the apartment stops being your primary residence, tell the management office. The City requires the building to report changes every year, and an abatement granted on outdated information is taken back.

Yes: New York City has a separate Veterans Property Tax Exemption for owners who served in wartime (World War II, Korea, Vietnam, or the Persian Gulf conflicts since August 2, 1990), their spouses, un-remarried surviving spouses and Gold Star parents, when the apartment is their primary residence. Unlike the abatement, you apply for it yourself, once: co-op shareholders use the co-op version of the application and the credit reaches you through the building; condo owners apply as the property owner. You need your DD-214 or separation papers, and the deadline is March 15 for the tax year starting July 1. It is in addition to the abatement. Forms and details: nyc.gov/finance (Property → Benefits → Veterans exemption) or 311 — or ask the management office and we will send you the application.

Owners who are 65 or turn 65 this year may qualify for the Senior Citizen Homeowners’ Exemption (SCHE), and owners receiving a disability benefit for the Disabled Homeowners’ Exemption (DHE): the apartment must be your primary residence and the combined income of all owners $58,399 or less. The exemption is 5% to 50% of the assessed value, in addition to the abatement. You apply once, by March 15, and renew every two years — co-op shareholders through the co-op version of the form, condo owners directly; ask the management office and we will send you the application. SCRIE (tenants 62+) and DRIE, the Disability Rent Increase Exemption (tenants 18+ receiving SSI, SSDI, VA disability or similar), are different: they freeze the rent of tenants in rent-regulated, Mitchell-Lama or HDFC apartments whose household income is under the City limit and whose rent exceeds one-third of it. They are for renters, not owners.

The City ties the abatement to fair pay for building service employees. A development with 30 or more apartments and an average assessed value over $60,000 per unit (or fewer than 30 apartments and over $100,000) must file a prevailing wage affidavit each year, certifying that its doormen, porters, handymen and superintendent are paid at least the prevailing (union-level) wage and benefits set by the City Comptroller. The board or managing agent signs it with the application. If a building that must file it does not, every owner in the building loses the abatement for that year — so the staff’s wages and that affidavit are part of what keeps your credit in place.