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I have read all the replies regarding flip tax - however we have always had one - basic documents when the coop gives up the right to repurchase - we had to pay - however in the last 3 years our tax has gone from $7.50/share to $15/share, that does not includes all the assessments and raises that we have received every year - If you have a good board - fine - but if you don't all the flip tax is is another way to garner money that can disappear - and flip taxes really should not be used to supplement basic income for maintenance - put it in reserve fund for repairs and replacements otherwise it disappears and you still have to find the money to pay for the elevator, boiler, etc
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"If you have a good board - fine - but if you don't all the flip tax is is another way to garner money that can disappear"
If you believe you have money disappearing, you need to spread the word and get a new board in power. Or call a special meeting of shareholders and address those concerns. This problem, after all, is not about income (be it from a flip tax, maintenance or tax rebate) but about impropriety on the board.
" - and flip taxes really should not be used to supplement basic income for maintenance"
Excellent point. In our building, the language that shareholders approved for the flip tax specifically stated that the income from flip taxes should go to reserves to pay for capital improvements. Again, this issue is not about a flip tax per se, but about how the money is spent.
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