NYC Tax Abatement Legal Issues
The tax attorneys at SDK HEIBERGER LLP, provide legal advice and representation for NYC real estate tax abatement issues for Class 2 Residential Cooperative and Condominium properties located in Manhattan, Brooklyn, Bronx, and Queens.
The NYC Cooperative and Condominium Tax Abatement Program for residential or commercial real estate properties is an intricate program, involving compliance with multifaceted laws and regulations. We have a dedicated team of attorneys, who with their vast knowledge and experience, offer exclusive assistance to avail maximum benefit from NYC Tax Abatement Programs for commercial and residential real estate properties.
New York City Cooperative and Condominium Tax Abatement Program
The tax abatement program allows for certain tax benefits every year to owners and tenants-shareholders of Residential Class 2 Properties in New York City. The NYC Law uses a statistical model to ascertain the Market Value of the property, based on its income earning potential, on which the benefit is then calculated. Class 2 properties include condominiums, cooperatives, and rental buildings.
Some of the requirements of the NYC Cooperative and Condominium Tax Abatement program fall under these categories:
Co-op or condo unit being the primary residence of the owner
Date of purchase to avail tax abatement in present financial year
Number of units that can be owned in any one development
Exclusions of parties from applying for tax abatement
New York City Tax Abatement Attorneys
The eligibility for receiving a tax abatement on Class 2 Cooperative and Condominium properties requires strict adherence to the laws and regulations which involve furnishing proper documents, compliance with timelines, and various other detailed procedures.
This requires expert guidance which our SDK HEIBERGER LLP, attorneys offer to the Class 2 residential property owners and tenants-shareholders in Manhattan, Bronx, Brooklyn, and Queens.
Additional Legal Services: NYC Real Estate Transactions & Financing
In addition to legal advice and representation for NYC Section 1031 Tax Deferred Exchanges, our firm also provides legal assistance for NYC Real Estate Transactions, including:
In addition to legal advice and representation for Tax Abatement issues for NYC Cooperative and Condominium Class 2 Residential Properties, our firm also provides legal assistance for NYC Real Estate Financing, including: