If you pay taxes on a condo or co-op in this city, you may feel like you’re getting screwed. NYC has a bafflingly complicated property tax structure that’s inherently unfair to co-op and condo owners. And the city knows it.
Which is why they created the co-op and condo tax abatement. Taking advantage of this break can shave hundreds to thousands of dollars a year off of a condo owner or co-op shareholder’s tax bills. Here’s how. (more…)