Cooperative Abatement

Greetings, All. I have a question about the Coop Abatement: As I look at the abatement for this year and for last year, I noticed something strange: the per-share value of the abatement (abatement amount for unit / # shares for that unit) provided by the city is not consistent across all units. There are in fact many different values and I cannot figure out why. We pay real estate taxes though our maintenance which means that everyone pays the same per-share abatement amount, just like every other component of the maintenance. So, is my cooperative different from all other buildings or is this actually correct? Does anyone know how NYC calculates the distribution of the abatement to each unit?

I have spoken to NYC.gov, accountants, a real estate lawyer, our management and everyone agrees that the per-share abatement value should be the same for all shareholders consistent with the way we pay our real estate tax, but no one knows why this is not what is happe ning and further, no one knows how to get information from NYC.gov, including NYC.gov staff.

I would be grateful if anyone could explain this to me.

Happy Friday

daniel.s.kohn

in General Discussion 7 years and 2 months ago

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daniel.s.kohn | 7 years and 2 months ago

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Here is a link to the report. Check with your managing agent; I bet they get one just like on page 4:

http://www1.nyc.gov/assets/finance/downloads/pdf/coop_condo_abatement/cca-online-user-guide.pdf

daniel.s.kohn | 7 years and 2 months ago

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Here is a link to the report. Check with your managing agent; I bet they get one just like on page 4:

http://www1.nyc.gov/assets/finance/downloads/pdf/coop_condo_abatement/cca-online-user-guide.pdf

daniel.s.kohn | 7 years and 2 months ago

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No, we really are a cooperative. The Tax Benefit Breakdown Report has the breakout by apartment. I thought it should be the way you describe it – they determine the amount the cooperative as a whole gets and then the benefit can be distributed to each apartment according to each unit’s # of shares – cut and dry. But for us it is not and I am dying to know why.

daniel.s.kohn | 7 years and 2 months ago

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No, we really are a cooperative. The Tax Benefit Breakdown Report has the breakout by apartment. I thought it should be the way you describe it – they determine the amount the cooperative as a whole gets and then the benefit can be distributed to each apartment according to each unit’s # of shares – cut and dry. But for us it is not and I am dying to know why.

resident2 | 7 years and 2 months ago

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It sounds like you might be a Condo.

daniel.s.kohn | 7 years and 2 months ago

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We are a vanilla private co-op. the Tax Benefit Breakdown Report we received from the city has the breakdown by apartment. Our managing agent does not calculate the distribution.

daniel.s.kohn | 7 years and 2 months ago

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We are a vanilla private co-op. the Tax Benefit Breakdown Report we received from the city has the breakdown by apartment. Our managing agent does not calculate the distribution.

resident2 | 7 years and 2 months ago

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NYC does not send out individual co-op owners bills, or distribution statements for the Real Estate taxes of a Co-OP. The Co-Op gets one bill, the co-op board / management sends a statement based on the share allocation and if an individual owner gets a senior citizen abatement etc it will be reflected on that individuals account.
Are you a private co-op, an HDFC or a Michel Lama?