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Last year my co-op was late in distributing the Star credits. To make up for this they divided the late credits over the remaining months and applied them in addition to the current years Star credits.
This year, the star credits and Abatement stopped in December 2013.
Some cooperators who were approved for the Enhanced Star program back in March 2013, which runs from July 2013 through June 2014 were expecting an increase in their applied credits, however this did not happen.
Instead the E-Star recipients were told it was their responsibility to contact the Department of Finance and find out what the additional dollar amount would be. Once they received this information they needed to bring it to the manager and the additional credits would be applied to their maintenance statement retroactively.
Some of the cooperators followed these instructions and presented the information they received from the D.O.F. to the manager. They were then told, “It was a mistake”.
The additional credits would be take affect and be retroactive once the city applied them to the co-op.
Now the E-Star recipients were told the star and abatement credits would begin in February 2014, however they would only receive credits from January 2014 through December 2014. There would be no adjustment for the 7 months the Enhanced Star credits were not received.
On the acceptance letter for the Enhanced Star it states the following:
Your property qualified for the following property tax exemptions(s). The exemptions(s) will begin on July 1, 2013
• Enhanced Star
Are Star credits retroactive? Is this ethical?
Thank you Dave,
You were very helpful. I will tell the other in the same situation.
Perhaps we can request a meeting with the board to discuss the matter.
if the building does not reimburse you for the star credit, i would contact the state branch that handles STAR, it is you money, and they should not be using it for anything , as in not investing it in a ponzi scheme, or any think less than a CD, money markets i consider to dangerous for the shareholders money.
Thanks Efy,
I have contacted the DOF to find out if my BBL received additional credits in July when the Enhanced star went into effect.
I also reached out to local officials.
I want to have all my ducks in a row before I approach the board.
This site has also been very helpful.
Hi All,
I am a co-op president and I work at a very large insurance company here in NYC. I have a management role in administering a large pension plan. My understanding is that with the law changes on the credits, the communicative process between the government and the management companies has been a nightmare. For example, if one has the ability to apply for a Basic STAR credit online until 12/31 – it is impossible for the management companies to get that on the January bills (that were probably already printed by 12/20). Thanks to the law changes, gone are the days when a January through June credit appears on the maintenance bills.
While the State/City and the management companies work this out, I suggest taking a more of a conciliatory approach:
• Ask the management companies how they are responding to the new law & rules;
• Ask if someone is reconciling retro-credits and what the expectation is on when those would be applied to the owner accounts;
• Ask when would be a good date to follow-up.
I suspect that some management companies are having a rough adjusting and if given a chance, they will work it out.
Steve
Hi Steve,
Where can I find information on the new law & rules pertaining to Star credits?
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We had a few shareholders in similar situations approach the Board for guidance. The management company reports to the Board; if you show that you followed the procedures to receive credit, then the Board should instruct the management company to provide retroactive credit (via one time check or credit to your maintenance account). Try to approach the Board before the next Board meeting so they can instruct the PM to do it face-to-face.
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