The property tax abatement expired on June 30th, and officials say will lead to an over 400 million dollar tax increase for hundreds and thousands of co-op and condo owners. Co-op and condo owners already pay much more in property taxes than one, two and three family homeowners. Despite this inequity, co-ops and condos have recently been ravaged by drastic increases in Co-op Property Valuation and Tax Increases by the New York City Department of Finance.