ALL STAR recipients whether in a cooperative apartment or condominium are considered CLASS 1ALL 1 to 3 family homes are CLASS 1ALL other residential are CLASS 2PHASE OUT COOP/CONDO ABATEMENTS over 10 yearsPHASE IN NEW COOP/CONDO CLASS 1 treatment over 10 yearsCLASS 3 and 4 remain as is.CLASS SHARE for CLASS 1 remains by law not greater than 15%SENIOR rent and homeowner and VETERAN exemptions and abatements are kept and increased.ALL OTHER EXEMPTIONS AND ABATEMENTS are phased out. They are many hundreds of these programs and they amount mostly to special deals to developers and/or favors given out by your elected representatives or their staff. It is a shame that we run the city like this. And if you do not believe there are hundreds, see for yourself:
ALL NEGATIVE VALUES ARE EXEMPTIONS AND ABATEMENTS
rowskeysum_valueactivitythrough4,918parks dept nyc-$1,508,208,6912017-06-021,274dept. of education-$1,084,138,4932017-06-0224port auth-air termin-$990,079,8582017-06-02132fed govt lan…
Now there is a tool to approximate what your Coop Abatement credit should be. Of course, this may depend on your number of shares and the total number of shares in the cooperative that qualify for the abatement. But the application just assumes equal shares for all qualifying apartments. You can easily scale the number based on your particular cooperative share values. We recommend you read this document from New York City Department of Finance If you want to see other buildings, https://tax.tidalforce.org/abatement1.html#pay1 will help you compare to other buildings.
Let's take a real example:
Let's say you live at "215 EAST 74TH STREET". This is a cooperative building. You will see something like: