ICIP benefit recipients are required to file a Certificate of Continuing Use form in order to continue receiving the exemption benefits.  The forms for tax year 2014/2015 have been mailed to all ICIP exemption recipients.

If you receive this property tax exemption, you must renew your exemption now.  A renewal form may be mailed to the Department of Finance but filers are strongly encouraged to file online.

For more information or to renew online visit: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_incentive_icip.shtml

Recently the Department of Finance circulated proposed changes to Section 1 of Title 19 of the Rules of the City of New York with the addition of Chapter 50.  The purpose of Chapter 50 is to clarify the criteria for eligibility for the Coop/Condo Abatement for the fiscal years beginning in 2012, 2013 and 2014.  It is anticipated that the rules will be adopted as proposed.

A copy of the full text of the proposed regulations is available at Co-op condo abatement rules proposed 2013 8 28.

New York City homeowners who own their cooperative or condominium units through Trusts are once again potentially eligible to receive the Coop-Condo Tax Abatement.  Earlier this year, units owned by Trusts and LLCs were barred from receiving this benefit.

On July 3, 2013, the State Legislature passed a law which could allow unit owners of both revocable and irrevocable trusts to receive the Coop-Condo Tax Abatement, provided that the apartment is the primary residence of one of the following: a designated beneficiary of the trust, a trustee or the holder of a life estate.  Units owned through LLCs, however, will continue to be ineligible for the tax abatement.

Download: Assembly State NY Bill #A06658