Certain cooperatives (coops) and condominiums (condos) that wish to be eligible for the coop and condo property tax abatement are in a mad dash to submit the newly required prevailing wage affidavit.
In our previous alert, we advised that effective April 1, 2022, condos and coops must be deemed a “Qualified Property” in order for the building or any of its unit owners or shareholders to receive a tax abatement pursuant to Section 467-a of the Real Property Tax Law (§ 467-a). That means for properties that have (i) 30 or more residential dwelling units and an average unit assessed value of more than $60,000, or (ii) less than 30 residential dwelling units and an average unit assessed value of more than $100,000, condos and coops must submit an affidavit certifying that they are paying their service employees prevailing wages.
As such, the New York City Department of Finance published a preliminary list of buildings that must submit the prevailing wage affidavit to qualify for the abatement. The prevailing wage affidavit must be submitted by April 15, 2022 unless further extended, as part of the initial or renewal application process for the 2022-23 tax abatement period. Further, coops and condos that already submitted their application for the tax year 2022-23 still need to submit the prevailing wage affidavit. The affidavit must be signed by an officer of the coop or the condo or by an authorized...
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