A co-op is assessed property taxes as a single building. In many cities this means co-ops pay lower taxes than condominiums, because condominium units are assessed individually.
Co-op members may also be eligible for the personal income tax deductions enjoyed by other homeowners. They are allowed to take their share of the deductions for the
co-op’s mortgage interest and property taxes. For many co-op members, this may mean a net reduction of 10 to 30 percent of their monthly housing costs.