Co-ops: how they’re assessed
A co-op corporation owns the building. You own shares in the corporation, which give you exclusive right to occupy your unit. The assessor evaluates the entire building as a single tax parcel and bills the co-op corporation. The corporation then passes through your portion of the tax in your monthly maintenance fee.
Most LI co-ops are valued under the “income approach” — based on rental income equivalents — which tends to value them lower per square foot than condos or single-family homes. This is one reason LI co-op maintenance fees often look reasonable relative to ownership of comparable space.
Condos: how they’re assessed
Each condo unit is a separately-deeded parcel of real estate. The assessor evaluates each unit individually based on its size, layout, and the building’s amenities. You receive your own property tax bill — not passed through the association.
Condo associations charge HOA fees that cover common-area maintenance, insurance, etc., but property tax is your direct liability.
Where LI has lots of co-ops and condos
- Glen Cove — Both co-ops and condos, especially newer waterfront developments
- Great Neck — Older co-op buildings, primarily Class A residential
- Long Beach — Beach-area condo developments + older co-ops
- Hempstead (around Mineola, Garden City) — Mid-rise co-ops and condos
- Eastern Nassau (Manhasset, Port Washington) — Luxury condos
- Suffolk (Smithtown, Patchogue, Babylon) — Newer condo developments
STAR and other exemptions for co-ops and condos
Co-op STAR
For co-ops, the STAR credit/exemption flows through the corporation. When you register for STAR, NY State sends your share of the credit either to you directly or as a reduction on the corporation’s bill (which then reduces your maintenance fee).
Condo STAR
You register and receive STAR directly, the same as a house owner. Your property tax bill is reduced (exemption) or you receive a check from NY State (credit).
Senior, Veterans, and disability exemptions
All available to co-op and condo owners. NY State law specifically extends these to co-op corporations and condo unit owners, with the corporation passing through co-op savings.
Frequently asked questions
Can I grieve my co-op assessment?
The co-op corporation files grievances on the building. Individual shareholders don’t file directly. If your maintenance is high because the building’s assessment is high, ask your co-op board to engage a grievance firm.
My condo bill seems higher than equivalent co-op maintenance. Why?
Income-approach valuation for co-ops vs. comparative-market valuation for condos. Same physical building, different valuation methods → different tax bills. Condos typically pay more per square foot in property tax.
I bought a condo from a senior. Does their exemption transfer?
No. The seller’s Senior, Veterans, and Enhanced STAR all drop off at closing. Register STAR yourself; apply for any other exemption you qualify for.
Get one email when LI tax rules change
Grievance deadlines, STAR limit updates, new exemption laws. One short email, only when something actionable happens. Unsubscribe in one click.
Sources and citations
- NY Tax & Finance — STAR eligibility tax.ny.gov
- Nassau County Land Records Viewer (LRV) lrv.nassaucountyny.gov
Last verified May 11, 2026. Tax rules change; we re-check every page each quarter.
Educational content and estimates only, not legal, tax or financial advice. Verify with your county or town receiver, an attorney or a CPA before making financial decisions.