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I'm writing about how different boards handle homeowner tax abatements.
Most seem to assess homeowners an equal amount, in order to build up the reserve or operating accounts. But some pass them along directly to homeowners.
I'd like to speak with board member at a place that passes it along directly, as a way of showing that there are different ways to handle abatement proceeds. Please contact me at flovece@habitatmag.com ASAP. I would only need 10-15 minutes of your time on the phone.
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We pass it along based on our semi-annual property tax bill statements on a monthly basis as a specific credit to our residential shareholders. With the new
abatement legislation we don't think we will do it that way anymore since we really don't yet understand how the city will sort out all these primary residency issues and obviously any shareholder with a second home can change his primary residency without telling the coop board. so beginning July 1 we will not credit shareholders with their tax abatements until we get a final statement by shareholder from NYC and will then credit it in a lump sum.
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