§ 50-04 Abatement Percentage.
RCNY § 50-04
(a)Primary residence abatement. The amount of the abatement for dwelling units eligible for the primary residence abatement as set forth in subdivision (a) of 19 RCNY § 50-03 will be the following percentage of the real property taxes attributable to or due on such dwelling units: (1) Dwelling units in property whose average unit assessed value is less than or equal to $50,000: (A) for fiscal year 2012/13, 25%; (B) for fiscal year 2013/14, 26.5%; and (C) for fiscal year 2014/15, 28.1%.
(2)Dwelling units in property whose average unit assessed value is more than $50,000 but less than or equal to $55,000: (A) for fiscal year 2012/13, 22.5%; (B) for fiscal year 2013/14, 23.8%; and (C) for fiscal year 2014/15, 25.2%.
(3)Dwelling units in property whose average unit assessed value is more than $55,000 but less than or equal to $60,000: (A) for fiscal year 2012/13, 20%; (B) for fiscal year 2013/14, 21.2%; and (C) for fiscal year 2014/15, 22.5%.
(4)Dwelling units in property whose average unit assessed value is more than $60,000: for fiscal years 2012/13, 2013/14 and 2014/15, 17.5%.
(b)Non-primary residence abatement. The amount of the abatement for any dwelling units eligible for the non-primary residence abatement as provided in subdivision (b) of 19 RCNY § 50-03 will be the following percentage of the real property taxes attributable to or due on such dwelling units: (1) Dwelling units in property whose average unit assessed value is less than or equal to $15,000: (A) for fiscal year 2012/13, 12.5%; and (B) for fiscal year 2013/14, 6.25%.
(c)Average unit assessed value. For purposes of this section, the average unit assessed value is determined as follows: (1) For real property held in the cooperative form of ownership, the percentage of shares of the cooperative apartment corporation allocated to dwelling units, multiplied by the total assessed value of the real property of the entire cooperative apartment corporation development in which the dwelling unit is located, divided by the total number of dwelling units in the entire cooperative apartment corporation development as of the taxable status date for the fiscal year to which the abatement applies; and (2) For real property held in the condominium form of ownership, the total assessed value of the dwelling units in the entire condominium development in which the dwelling unit is located, divided by the number of dwelling units in the entire condominium development in which the dwelling unit is located as of the taxable status date for the fiscal year to which the abatement applies.
(d)Real property tax attributable to or due on a dwelling unit. For purposes of this section, "the real property taxes attributable to or due on a dwelling unit" is the amount of real property taxes attributable to or due on the dwelling unit for the fiscal year for which the abatement is to be calculated after deduction for any exemption or tax abatement (other than the abatement authorized by § 467-a of the Real Property Tax Law and this chapter) attributable to or received by the dwelling unit.
(e)Examples of calculation of abatement for fiscal year 2013/14. Example 1: To determine the abatement for A's dwelling unit for fiscal year 2013/14: Facts: A owns a dwelling unit, which is A's primary residence, in Y Cooperative Apartment Corporation, a cooperative apartment corporation. The real property tax attributable to A's dwelling unit for fiscal year 2013/14 is $5,000. The actual assessed value of the property of Y Cooperative Apartment Corporation (the entire development) for fiscal year 2013/14 is $5,000,000. 90% of the shares of Y Cooperative Apartment Corporation are allocated to dwelling units. As of January 5, 2013, there were a total of 100 dwelling units in Y Cooperative Apartment Corporation. Calculation: In order to determine the abatement percentage to be used in the calculation, determine the average unit assessed value by multiplying the percentage of shares allocated to dwelling units by the total assessed value of the cooperative apartment corporation (the entire development), and then dividing by the total number of dwelling units in the cooperative apartment corporation as of the taxable status date: Step 1: 90% × $5,000,000 = $4,500,000 Step 2: $4,500,000/100 = $45,000. Because the average unit assessed value is less than $50,000, the percentage to be applied is 26.5%, as provided in 19 RCNY § 50-04(a)(1)(B). Therefore, the abatement for A's dwelling unit for fiscal year 2013/14 is 26.5% of the real property tax attributable to A's dwelling unit for fiscal year 2013/14, or: 26.5% × $5,000 = $1,325. Example 2: To determine the abatement for B's dwelling unit for fiscal year 2013/14: Facts: B owns a condominium dwelling unit, which is B's primary residence, in Z Condominium. The real property tax due on B's dwelling unit for fiscal year 2013/14 is $10,000. The total actual assessed value of the dwelling units in the entire condominium development in which B's dwelling unit is located for fiscal year 2013/14 is $9,000,000. As of January 5, 2013, there were a total of 100 dwelling units in the condominium development in which B's dwelling unit is located. Calculation: In order to determine the abatement percentage to be used in the calculation, determine the average unit assessed value by dividing the total assessed value of the dwelling units in the entire condominium development by the number of dwelling units in the condominium development as of the taxable status date: $9,000,000/100 = $90,000. Because the average unit assessed value is more than $60,000, the percentage to be applied is 17.5%, as provided in 19 RCNY § 50-04(a)(4). Therefore, the abatement for B's dwelling unit for fiscal year 2013/14 is 17.5% of the real property tax due on B's dwelling unit for fiscal year 2013/14, or: 17.5% × $10,000 = $1,750.
