A new law, retroactive to June 1, 2012, clarifies that New York City’s “primary residence” property tax abatement applies to co-ops and condominium units held in trust solely for the benefit of a person who would otherwise be eligible for an abatement if such person were the direct owner of such co-op or condominium.
New York City had previously taken the position that co-ops and condominiums were not eligible for the abatement if held in trust.
