Exemptions
Exemptions lower the amount of tax you owe by reducing your property's assessed value.
Abatements
Abatements reduce your taxes by applying credits to the amount of taxes you owe.
You can use the Property Tax Benefit Information tool to find the type(s) of exemptions and abatements a particular property is receiving. If you own a Cooperative Apartment Unit, please contact your management company to find out what exemptions or abatements you are receiving in the current tax year (July to June).
Source: http://www.nyc.gov/html/dof/html/property/exemptions.shtml
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