There are two main types of tax abatements in New York City: the 421a Tax Abatement and the Co-op Condo Abatement. 421a Tax Abatements are basically deals struck between developers and the city where developers will set aside a certain amount of units for low-income housing and in return the entire building will get a tax abatement. 421a Tax Abatements are a building-wide abatement. You don't apply for them for your individual unit. The other major tax abatement is the Co-op Condo Abatement. This reduces your property taxes by 17.5%.  It's filed for an individual unit, not the building overall. In order to be eligible for the Co-op Condo payment, the two key requirements are that you own it in your name, so not an LLC, not a trust. And that it's your primary residence. There are other tax abatements like the J-51 Tax Abatement but you're much less likely to encounter them. You can verify tax abatements on condos by pulling the specific unit's property tax bill. You can't do that on co-ops because they're billed at the building level. For more information on how to pull a property tax bill, check out our dedicated video on that topic. Once you have the property tax bill, you'll see a line for the tax abatement that reduces the overall tax liability. Tax abatements are a great way to save on New York City real estate and so is buying with Yoreevo. All of our buyers receive a commission rebate for up to 2% of the purchase price on any property in New York City. For more information check out our website or email me, james@yoreevo.com.