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The money comes from the budget. It is the same total amount of money as if you paid the bill broken down to several payments during the year or if you paid it all at once. The difference is that if you pay it by JULY - and all at once - you save thousands of dollars.
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visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
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learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
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This can work in a 'rich' building where a substantial reserve fund exists or can be created if everyone deposits $$ into it. Our taxes are around $275k after STAR and coop credits this year, with a budget of about $850k and $200k in reserves. You try to collect an extra $250 per month per unit in a squeezed middle class neighborhood to save $2750. And with banks paying maybe 1/4 of 1% interest, you're not getting much there.
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