Shareholders in our co-op may be eligible for a number of tax relief programs provided by the City and the State of New York.
Shareholders may be entitled to the New York State School Tax Relief Program (STAR), the Senior Citizen Homeowners’ Exemption (SCHE), the Veterans’ Exemption, and the Disabled Homeowners’ Exemption (DHE). These programs are available to shareholders whose apartment in the co-op is their primary home. Shareholders must apply for these tax relief programs personally. Once approved, the tax exemptions appear as credits in shareholders’ maintenance bills. For more information and to apply, visit the website of the City of New York Department of Finance.
These tax refunds must be subtracted from the real estate taxes you declare as itemized deductions on your IRS 1040 form.