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capital improvementsFeb 03, 2018

Our 12 Unit Cooperative just finished installing a new elevator. Expense exceeded $350k. Does anyone know if we would be allowed to apply for a tax abatement or if we are eligible for any other abatement program?

thanks.

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Abatements for capital improvements - Steven424 Feb 03, 2018

I think it would be very unlikely (but I may be wrong) that there are any real estate or other tax abatements available to co-ops from NYC simply because there was a capital improvement. If there were, every co-op in NYC would be the epitome of modernization and NYC would be bankrupt due to the loss of revenue from its favorite piggy-bank, Class 2 buildings.

The only tax savings I am aware of for capital improvements is the waiving of sales tax. Make sure your managing agent gets the proper forms signed by your contractor.

If you do apply for such an abatement and you receive it, I implore you to post the details on here so we can all take advantage of it! :-)

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capital improements - Sue Feb 04, 2018

thank you Steven. Class 2 buildings are taking a tax beating - year after year! What can be done?

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Class 2 Building R/E Taxes - Steven424 Feb 04, 2018

As the late, great, Yogi Berra would say, "Vote 'da bums out!" :-)

In the same vein as dealing with lousy co-op boards, the only effective way of getting real tax relief is by electing more sympathetic politicians. Not expecting it in my lifetime, though.

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