mad09's Profile
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September 3, 2009
abatements for individual owners
We closed on a coop last month. At the end of the closing the management company's closing agent gave us the following info from the NYC Dept of Finance re: tax reductions for individual owners: http://www.nyc.gov/html/dof/html/property/property_tax_reduc_individual.shtml. The site suggests that at least some of these benefits are available to coop owners regardless of income of age, and regardless of the coop's current tax abatement status. I went ahead and sent in the application figuring it wouldn't hurt to apply. Do any other coop owners have experience applying for these abatement programs? Did you see any kind of reduction in your maintenance from your management company, and if so how much? Thanks in advance for any guidance!
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Yes the rebate is for the owners -- but it is administered thru the managing agent to shareholders based on shares.
A coop board can assess any time based on shares. Doing a small assessment at the same time as the tax rebate is just a way of making it less painful.
Posted by: BH76 at September 3, 2009 11:45 AM in response to abatements for individual owners
To clarify -- you pay your portion of the coop's real estate taxes based on the shares you hold. So the rebate is administered the same way -- based on your shares.
Posted by: BH76 at September 3, 2009 12:01 PM in response to abatements for individual owners
Thanks, BH76. Are you referring to an abatement for the entire coop or for an individual owner? The program I referenced in my post is for an individual owner, not for the entire coop. Can the coop assess an individual shareholder for an individual abatement?
Posted by: mad09 at September 3, 2009 11:34 AM in response to abatements for individual owners