Property Management Blog

Tax Abatement Law

Hi there, New York City property owners, Adam Jernow. Wayfinder Property Management, here to talk about a recent change in the New York City tax code. New York City has historically had a condo and co-op tax abatement.

 This year is no different. However, they're attaching a few little strings which aren't so bad. That's not the issue. The issue is change when it comes to change. We are going to talk about that in a moment. In order to qualify, this year, condos or co-ops must have an assessed value per unit less than $60,000 or Roman numeral two, they must have a value between 60 and $100,000. Fewer than 30 units per building this is the one that they really wanted. Choice C, the condo or co-op must be willing to certify via affidavit that they will pay their employees a prevailing wage. The prevailing wage is at $40 per hour. That's fine. It's public knowledge. We support it. However, condo and co-op unit owners stand to lose far more in tax dollars than they would in wage dollars if they don't take this step. Even that's not the big deal. The big deal is that my industry has historically been slow change.

And if you're concerned that your management company isn't going to get this done by February 15, then please give us a call at that number because we can get this done. One of the things that Wayfinders clients really love about us is receiving this abatement every single year. And you should get that, too.

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