Most Coops and Condos currently have a citywide Abatement of 17.5%, In many coops the building files for it and then pays it to you, then asseses it back from you so you don't really get it. Most condos it is automatic, it does not apply to owners of more than 3 Units in one building or typically buildings with abatements such as J51s or 421As. If you are buying a sponsor unit the taxes on the tax rolls will not usually reflect the abatement so be sure to check if the agent is giving you the numbers before or after the abatement. There is alos a smaller STAR abatement that applies to owner occupied priamry residences of typically a few hundred dollars that you must apply for yourself.

The taxes will vary from a building to building. In a condo the real estate taxes are fully tax deductable on your income tax return. In a coop the taxes are included in the maintenance and therefore a portion of the maintenance will also be tax deductable at the end of the year. You want find out what % of the maintenance is tax deductable. However that % can change year to year. Besides the Real Estate Tax and the cost of maintaining the building the maintenance also includes any underlying mortgage on the building and it's interest is tax deductable as well. So all those different factors go into it. Your attorney will be able to determine the actual numbers for you once he looks at the buildin's financials. I hope this helps.

It is included in most coop/condo maintenance fees, they each have a certain part that is tax deductible.